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Business income

Business and Industry Services
From Armenia
To Denmark
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Amber S.
Apr 14, 2021

What is business income?

1 answer

Julius S.
Apr 15, 2021

Business income is all income arising from transactions, activities, and sources in the regular course of the taxpayer's trade or business. Business income includes a taxpayer’s distributive share of income or losses reported on a federal schedule K-1, including portfolio income. Portfolio income includes interest income, dividend income, royalty income, and net short-term and long-term capital gains (losses) to the extent included in federal adjusted gross income. Rental income is also considered business income if it is determined to be an integral part of the taxpayer’s trade or business.

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