Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal finance on the left with the descriptions of the terms on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term. These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description A. This term refers to passive income offset. Gross income Active income B. This term includes income from tax shelters. Portfolio income C. This term refers to gross income less adjustments, deductions, and exemptions. Passive income Investment expenses Real estate or limited partnership expenses Capital gains Sale of a home Taxable income D. This term refers to an asset sold for more than its original value. E. Income from savings accounts, stocks, bonds, mutual funds, options, and futures are included in this term. F. This term includes wages, salaries, bonuses/commissions, and interest/dividends/alimony. G. This term refers to income earned on the job. H. Investment income is offset with this related expense. I. Using taxable income, it is based on tax tables or tax rate schedules. J. During this transaction, you can exclude the first $250,000 ($500,000 for married taxpayers) of gain on sale. Tax liability