In 2010, the General Assembly included the requirement to complete. and review the Sentencing Revocation Report in all suspended. sentence, good behavior and probation violation cases and to. review applicable Probation Violation Guidelines before sentencing.
Ordinary income stands in contrast to capital gain, which is defined as gain from the sale or exchange of a capital asset. A personal residence is a capital asset to the homeowner.
That definition comes straight out of the tax code (Internal Revenue Code section 162; see also the Treasury Regulations section 1.162-1). An ordinary expense, the IRS says in Publication 535, Business Expenses, is one that is common and accepted in your industry.