Louisiana Revised Statutes Tit. 47, § 42. Gross income defined

A. General definition. “Gross income” includes gains, profits, and income derived from salaries, wages, or compensation for personal service, of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealing in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income derived from any source whatever.

B. Salaries of United States employees and agents. The salaries, fees, commissions, or other income of officers or agents of the United States or its agencies and instrumentalities or its contractees, received from the United States or from its agencies and instrumentalities, shall be included in gross income.

C. Alimony. Amounts received as alimony (including alimony pendente lite) by husband or wife under order of a court of competent jurisdiction shall be included in the gross income of the person receiving the alimony. This Sub-section shall not apply to that part of any payments which the terms of the decree fix, in terms of an amount of money or a portion of the payments, as a sum which is payable for the support of minor children of the person making the payments.

D. Distributions by corporations. Distributions by corporations shall be taxable as provided in R.S. 47:159.

E. Inventories. Whenever, in the opinion of the collector of revenue, the use of inventories is necessary in order to determine clearly the income of any taxpayer, inventories shall be taken by the taxpayer upon such basis as the collector may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income.

F. Determination of gain or loss. In the case of a sale or other disposition of property, the gain or loss shall be computed as provided in R.S. 47:131.

G. Gross income from sources within and without the State of Louisiana. For computation of gross income from sources within and without the State of Louisiana, see R.S. 47:161.

H. Retirement income. “Gross income” shall not include income exempt from taxation under the provisions of R.S. 47:44.2 or other retirement income exempt from taxation as provided by state law.