According to the Internal Revenue Code, how is gross income defined? Your accounting firm is creating an information packet for tax clients. List some of the items that could be included in the gross income section. (Do not attempt to compile a complete list.) Also, the IRS code provides for deductions and credits. List 5 possible deductions, List 3 possible tax credits. Compare and contrast a $10,000 adjustment, $10,000 tax credit and $10,000 of itemized deductions. Which would you prefer to have on your tax return? Why