About: Ordinary income

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Under the United States Internal Revenue Code, the type of income is defined by its character. Ordinary income is usually characterized as income other than long-term capital gains. Ordinary income can consist of income from wages, salaries, tips, commissions, bonuses, and other types of compensation from employment, interest, dividends, or net income from a sole proprietorship, partnership or LLC. Rents and royalties, after certain deductions, depreciation or depletion allowances, and gambling winnings are also treated as ordinary income. A "short term capital gain", or gain on the sale of an asset held for less than one year of the capital gains holding period, is taxed as ordinary income.

Attributes	Values
rdfs:label	Ordinary income (en)
rdfs:comment	Under the United States Internal Revenue Code, the type of income is defined by its character. Ordinary income is usually characterized as income other than long-term capital gains. Ordinary income can consist of income from wages, salaries, tips, commissions, bonuses, and other types of compensation from employment, interest, dividends, or net income from a sole proprietorship, partnership or LLC. Rents and royalties, after certain deductions, depreciation or depletion allowances, and gambling winnings are also treated as ordinary income. A "short term capital gain", or gain on the sale of an asset held for less than one year of the capital gains holding period, is taxed as ordinary income. (en)
dcterms:subject	United States federal income tax
Wikipage page ID	9337763 (xsd:integer)
Wikipage revision ID	875419775 (xsd:integer)
Link from a Wikipage to another Wikipage	Capital gains tax Royalties United States Depletion (accounting) Depreciation Internal Revenue Code Limited liability company Qualified dividends United States federal income tax Net income Tax treaty Commission (remuneration) Partnership Wages Passive income Capital gain Capital gains tax in the United States Tax deduction Marginal tax rates Jobs and Growth Tax Relief Reconciliation Act of 2003 Tip (gratuity) Interest Internal Revenue Service Tax bracket Sole proprietorship Dividends Taxation in the United States REIT Salaries CCH (Commerce Clearing House)
Link from a Wikipage to an external page	https://www.irs.gov/formspubs/article/0,,id=150856,00.html
sameAs	Ordinary income Ordinary income Ordinary income
dbp:wikiPageUsesTemplate	dbt:Reflist dbt:UStaxation
has abstract	Under the United States Internal Revenue Code, the type of income is defined by its character. Ordinary income is usually characterized as income other than long-term capital gains. Ordinary income can consist of income from wages, salaries, tips, commissions, bonuses, and other types of compensation from employment, interest, dividends, or net income from a sole proprietorship, partnership or LLC. Rents and royalties, after certain deductions, depreciation or depletion allowances, and gambling winnings are also treated as ordinary income. A "short term capital gain", or gain on the sale of an asset held for less than one year of the capital gains holding period, is taxed as ordinary income. Ordinary income stands in contrast to capital gain, which is defined as gain from the sale or exchange of a capital asset. A personal residence is a capital asset to the homeowner. By contrast, a land developer who had many houses for sale on many lots would treat each of those lots (and homes) as inventory when they are sold. For the developer, each lot and home would not be a capital asset. Similarly, clothing held by a retail store for sale in the ordinary course of business would be inventory -- and not a capital asset -- for the store. Another case where income is not taxed as ordinary income is the case of qualified dividends. The general rule taxes dividends as ordinary income. A change allowing use of the same tax rates as is used for long term capital gains rates for qualified dividends was made with the Jobs and Growth Tax Relief Reconciliation Act of 2003. Qualified dividends are dividends paid by domestic corporations or by corporations from foreign countries that have a tax treaty with the United States. This rule applies under the condition that the corporation has included the dividends in its own taxable income. Thus pass-through corporations like REITs and REMICs would not distribute qualified dividends, and the dividends from those entities would be taxed at the ordinary income rates. (en)
prov:wasDerivedFrom	wikipedia-en:Ordinary_income?oldid=875419775&ns=0
page length (characters) of wiki page	3322 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Ordinary_income
is Link from a Wikipage to another Wikipage of	Capital gains tax Private equity Annuities in the United States Character (income tax) Charitable contribution deductions in the United States De minimis Development of non-profit housing in the United States 1231 property Qualified dividend Comparison of 401(k) and IRA accounts 988 transaction Dividend imputation Gambling in the United States 457 plan False Claims Act Capital gains tax in the United States Tax Increase Prevention and Reconciliation Act of 2005 Dividend Australian dividend imputation system Roth 401(k) Roth IRA SEP-IRA Stock appreciation right Variable universal life insurance IRS Whistleblower Office Taxation in the United States Private annuity trust Phantom stock Salvatore v. Commissioner Surtax
is foaf:primaryTopic of	wikipedia-en:Ordinary_income

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