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Taxable income Adjusted gross income reduced by itemized deductions and exemptions. It is the income that is subject to federal and state taxes. Effect of nondeductible, noncapital expenses on S stock basis and taxable income.: An article from: The Tax Adviser See Details » Debt-financed income and UBTI. (unrelated business taxable income): An article from: The Tax Adviser See Details » Charitable trust's receipt of UBTI caused all income to be taxable. (unrelated business taxable income): An article from: The Tax Adviser See Details » Give yourself a gift. (charitable contributions can lower taxable income)(Financial Aim) (Column): An article from: Doors and Hardware See Details » Adjusted gross income Gross income Taxable interest income Taxable year Taxes

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