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LSDefine

Simple English definitions for legal terms

gross receipts

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A quick definition of gross receipts:

Term: GROSS RECEIPTS

Definition: Gross receipts refer to the total amount of money or other forms of payment received by a business for goods sold or services provided in a year, before any deductions are made. This means that it is the total amount of money a business earns from its customers.

Tax: Gross receipts are important for tax purposes because they are used to calculate a business's taxable income. The Internal Revenue Code (IRC) and the Code of Federal Regulations (CFR) provide guidelines for determining gross receipts.

A more thorough explanation:

Gross Receipts

Gross receipts refer to the total amount of money or other forms of payment received by a business for goods sold or services rendered in a year, before any deductions are made.

  • A retail store sells $100,000 worth of merchandise in a year. This amount is considered the gross receipts of the business.
  • A consulting firm charges $200 per hour for their services and works for a total of 500 hours in a year. The gross receipts of the firm would be $100,000 ($200 x 500).

These examples illustrate how gross receipts are calculated by adding up all the money received by a business for their products or services, without taking into account any expenses or deductions.

gross profit | gross-receipts tax

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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