Income" ... means "gain" "derived" from, and not accruing to, capital or labor or from both combined, including profit gained through the sale or conversion of capital, the gain not being taxable until realized, and, in such connection, "gain" means profit or something of exchangeable value, and "derived" means proceeding from property, severed from capital, however invested or employed, and coming in, received or drawn by taxpayer for his separate use, benefit, and disposal.
[Staples v. U.S., E.D. Penna., 21 F.Supp. 737]
.
There is a clear distinction between "profit" and "wages" or compensation for labor. Compensation for labor cannot be regarded as profit within the meaning of the law.
[Oliver v. Halstead, 196 Va. 992; 86 S.E. 2d 858]
"Income" means "gain" -- "gain" means "profit":
Income" ... means "gain" "derived" from, and not accruing to, capital or labor or from both combined, including profit gained through the sale or conversion of capital, the gain not being taxable until realized, and, in such connection, "gain" means profit or something of exchangeable value, and "derived" means proceeding from property, severed from capital, however invested or employed, and coming in, received or drawn by taxpayer for his separate use, benefit, and disposal. [Staples v. U.S., E.D. Penna., 21 F.Supp. 737]
.
There is a clear distinction between "profit" and "wages" or compensation for labor. Compensation for labor cannot be regarded as profit within the meaning of the law. [Oliver v. Halstead, 196 Va. 992; 86 S.E. 2d 858]