The definition for Gross Income:
The scheduled (total) income, either actual or estimated, derived from a business or property.
Adjusted Gross IncomeAdjusted Gross Income
Gross income of a building it fully rented, less an allowance for estimated vacancies.
Gross Income MultiplierGross Income Multiplier
A figure which, when multiplied by the annual gross income, will theoretically determine the market value. A general rule of thumb which varies with specific properties and areas.
Income AveragingIncome Averaging
A method of figuring income tax by paying tax on the average income per year for the past five years. For example: A, a real estate salesperson, earns $10,000 taxable income for 4 years. In the fifth year, A sells a shopping center and earns $100,000 taxable income. A-could take the total income for 5 years ($140,000), divide by 5 ($28,000), and pay tax on $28,000 for the past 5 years, less what A has already paid.
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