Adjusted Gross Income (AGI) is defined as the gross income earned by an individual minus several adjustments made to that income, such as trade and business deductions. Gross income is the income earned by an individual, including the wage...
income
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In 2005, Petitioners Charles and Kathleen Moore bought an 11% stake in KisanKraft, a Controlled Foreign Corporation (“CFC”) based in India. Moore v. United States at 4–5. A CFC is a corporation in which U.S. persons possess more than 50% ownership or...