Defining Income Problems Business expenses are often difficult to parse out into“ consumption"and“ costs of obtaining Income Unrealized capital gains and losses difficult to measure Imputed rental income from durables difficult to impute In-kind services(such as housework) difficult to value 88 Defining Income: Problems • Business expenses are often difficult to parse out into “consumption” and “costs of obtaining income” • Unrealized capital gains and losses difficult to measure • Imputed rental income from durables difficult to impute • In-kind services (such as housework) difficult to value