54:8A-7 - Gross income defined; manner of computing - New Jersey Statutes

54:8A-7.  Gross income defined;  manner of computing
    The term  "gross income"  means the total of a taxpayer's gains, losses, profits and income derived from sources within his source State.  Gross income shall be computed in accordance with the provisions of section 32 or section 36  of this act.  In computing gross income, the items of gain, loss, profit or  income set forth in section 33 of this act shall not be included except to the  extent provided therein.

    For the purpose of applying the deductions permitted in sections 9 and 37 of  this act gross income computed in accordance with the provisions of section 32  of this act shall be reduced by the amount of the deduction allowed in section  35(a) of this act.

     L.1961, c. 32, p. 129, s. 7, eff. May 29, 1961.  Amended by L.1961, c. 129, p. 756, s. 3, eff. Dec. 22, 1961.