IRC Section 61 defines gross income as all income from whatever source derived except as otherwise provided in the Internal Revenue Code. It is easy to see that gross income is an all-encompassing concept that includes any accession to wealth from whatever source and in whatever form realized. Income that is generally includible in gross income may fall within certain exceptions that make it excludable. The following material discusses items that are specifically characterized in the Internal Revenue Code as either includible or excludable. This course is most appropriate for the professional with detailed knowledge in Federal taxation and IRS Form 1040 who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.

By proceeding to the examination, you acknowledge and confirm that you have completed the required coursework.