How is Gross Income defined in the Tax Code and what are the implications to individual and business taxpayers? Name several examples of gross income for individuals and for corporations. Also, discuss the concept of Adjusted Gross Income for Individuals and provide two examples of deductions from gross income to arrive at AGI as well as two examples of deductions from AGI to get to taxable income.

What are the three fundamental and general requirements in order to deduct business expenses for tax purposes? What is your opinion of these general requirements and support that opinion?