income averaging

income averaging
An elective method of computing income tax by an individual, not a corporation or trust, who has unusually large income in the current taxable year as compared with the four preceding years, whereby the taxpayer may elect to have the excess taxed, in effect, as if he had received it over five years instead of all in a single year. IRC §§ 1301, 1302, 1305.

Ballentine's law dictionary. . 1998.

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