Examples are livestock, machinery, equipment, and vehicles.
Taxable Income Adjusted gross income less itemized deductions or the standard deduction, less allowable personal and dependent exemption amounts. An organization incorporated in and doing business with the intent to make a profit in the United States. The calendar year or fiscal year for which the taxable income is computed. Tax Benefit Rule A rule that limits the recognition of income from the recovery of an expense or loss properly deducted in a prior tax year to the amount of the deduction that reduced taxable income. The rate at which income at a particular level is taxed.