Gross ncome Defined o Gross income is not limited to amounts received in the form of cash Reg. Sec. 1.61-1ay income may be“ realized in any form whether in money, property, and services yyGross Income Defined • Gross income is not limited to amounts received in the form of cash. • Reg. Sec. 1.61-1a, income may be “realized in any form, whether in money, property, and services