INCOME. The gain which proceeds from property, labor, or business. It is applied Particularly to individuals. The income of the state or government is usually called revenue. The word is sometimes considered synonymous with "profits," the gain as be tween receipts and payments ; People v. Board of Supervisors, 4 Hill (N. Y.) 23; "rent, and profits," "income," and "net in come" of the estate are equivalent expres sions; Andrews v. Boyd, 5 Greenl. (Me.) 203; it may mean "money" or the expecta tion of receiving money; U. S. v. Schillinger, 14 Blatch. 71, Fed. Cas. No. 16,228; Gray v. Darlington, 15 Wall. (U. S.) 63, 21 L. Ed. 45 ; and a note is ground for expecting in come, and in the sense of a statute taxing incomes the amount thereof is to be returned when paid ; Portland Co. v. U. S., 15 Wall. (U. S.) 1, 21 L. Ed. 113. See Simpson v. Moore, 30 Barb. (N. Y.) 637. In the ordi nary commercial sense "income" especially when connected with the word "rent," may mean clear or net income. "Produce" or "product" as a substituted word may relieve a will from obscurity; Appeal of Thompson, 100 Pa. 481. In a gift of the income, etc.,
of shares of stock, it is not synonymous with increase, and while it will include dividends from the stock, will not embrace the sum by which the stock has increased; Spooner v. Phillips, 62 Conn. 62, 24 Atl. 524, 16 L. R. A. 461. As to when dividends are to be con sidered as income, see 31 'A. & E. Corp. Cas. 386, n. ; DIVIDEND.
It has been held that a devise of the in come of land is in effect the same as a devise of the laud itself ; Reed v. Reed, 9 Mass. 372 ; Monarque v.. Monarque, 80 N. Y. 320; Cooper v. Pogue, 92 Pa. 254, 37 Am. Rep. 681; Sampson v. Randall, 72 Me. 109; and a gift of the income of a fund is a gift of the fund ; Earl•v. Grim, 1 Johns. Ch. (N. Y.) 494; Huston v. Read, 32 N. J. Eq. 591; and of the income of property is a gift of the property ; Bristol v. Bristol, 53 Conn. 259, 5 Atl. 687; Appeal of Sproul, 105 Pa. 441; 2 Rop. Leg. 371.