Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

adjusted gross income

Gross income minus allowable deductions specified in the tax code. - Abbr. AGI.

adjusted gross income.

See INCOME.

adjusted ordinary gross income

A corporation's gross income less capital gains and certain expenses. ( The IRS uses this calculation to determine whether a corporation is a personal holding company. If 60% or more of a corporation's AOGI consists of certain passive investment income, the company has met the test for personal-holding-company classification. IRC (26 USCA) § 543(b). - Abbr. AOGI. See personal holding company under COMPANY.

adjusted ordinary gross income.

See INCOME.

gross income

Total income from all sources before deductions, exemptions, or other tax reductions. - Also termed gross earnings.

gross income.

See INCOME.