ABSTRACT
§1. As a preliminary to further discussion, it is necessary to consider shortly what precise meaning shall be attached to the word “income,” which stands for the central idea of all that follows. The most appropriate definition of income will vary, according to the purpose for which the conception of income is to be used. But, assuming that none of the rival definitions involve either confusion of thought or too violent a breach with common usage, the choice between them turns, not upon principle or logic, but upon appropriateness and practical convenience.
