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Law school: Where you spend three years learning to think like a lawyer, then a lifetime trying to think like a human again.
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Legal Definitions - gross receipts
You win some, you lose some, and some you just bill by the hour.
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Definition of gross receipts
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.
If the law is on your side, pound the law. If the facts are on your side, pound the facts. If neither the law nor the facts are on your side, pound the table.
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Simple Definition
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.
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