Chapter 2
Taxable and Nontaxable Income
Generally, income is taxable unless it is specifically exempted (not taxed) by law. Your taxable income may include compensation for services,
interest, dividends, rents, royalties, income from partnerships, estate or trust income, gain from sales or exchanges of property, and business income
of all kinds.
Under special provisions of the law, certain items are partially or fully exempt from tax. Provisions that are of special interest to older
taxpayers are discussed in this chapter.
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