54:8A-32 - Computation of gross income of taxpayer - New Jersey Statutes

54:8A-32.  Computation of gross income of taxpayer
    Except as otherwise provided in this act or by regulations pursuant to this  act, a taxpayer shall compute his gross income by totaling his gains, losses,  profits and income derived from salaries, wages or compensation for personal  services, of whatever kind and in whatever form paid, or from professions,  vocations, trades, businesses, commerce, or sales, or dealings in property of  whatever nature, growing out of the ownership or use of or interest in such  property;  also from interest, rent, royalties, dividends, securities, or the  transaction of any business carried on for gain or profits and income derived  from any source whatever within the source State, including prizes and awards  (other than those primarily in recognition of some achievement in the arts,  sciences or public interest without active entry by the recipient and without  requirement that he render substantial future services as a condition), or  gains or profits or income derived through estates or trusts by the  beneficiaries thereof, whether as distributed or distributive shares.  In any  case, the term "gross income" shall include capital gains or capital losses  only to the extent provided in section 39 of this act.

     L.1961, c. 32, p. 141, s. 32, eff. May 29, 1961.  Amended by L.1961, c. 129,  p. 773, s. 19.