Final answer:
The statement is false; not all receipts of value count as taxable gross income due to various exceptions in the tax code such as gifts and inheritances. Taxable income is the adjusted gross income after deductions and exemptions. It's crucial to comply with tax laws to avoid penalties.
Step-by-step explanation:
The statement that anytime a taxpayer receives anything of value, the taxpayer will be presumed to have additional gross income is false. While the US tax code is indeed complex, not all receipts of value are automatically considered taxable income. There are numerous exceptions, such as gifts and inheritances, which are typically not taxable to the recipient. Additionally, some benefits may be considered non-taxable income under specific provisions, such as certain insurance payouts, healthcare benefits, or employer reimbursements.
Taxable income is calculated as adjusted gross income minus any applicable deductions and exemptions. Adjusted gross income includes wages, interest, and unemployment compensation, among other things. It is important to file an income tax return accurately to report taxable income and claim any legitimate deductions and exemptions one is eligible for.
It's essential to understand the tax code or seek professional advice when required, as the financial penalties for not following tax rules can be significant, including fines or even jail time. Therefore, while many types of income are taxable, not all items of value result in additional gross income for tax purposes.