Gross income case law

Question 1

amount in cash or otherwise

Answer 1

• not only physical cash (includes any form of property with a monetary value - in/corporeal)
• ascertainable money value
• includes interest free loan

Question 2

received by

Answer 2

• on behalf of + for ones benefit
• illegality doesn’t matter
• separate account doesn’t matter if received for own benefit (unless agent)

Question 3

accrual

Answer 3

• means entitled to, not due and payable
• included at face value (not discounted)
• if lost after accrued, still GI
• unconditional