### Question
Can you define what taxable income means?


### Answer
**Taxable income** is defined as the following in *26 U.S.C. § 832*:

> the gross income as defined in subsection (b)(1) less the deductions allowed by subsection (c)

#### Citation:
  - *26 U.S.C. § 832*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter L-Insurance Companies > PART II-OTHER INSURANCE COMPANIES**

