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EXHIBIT 6-1: ANNUAL INCOME INCLUSIONS <br />24 CFR 5.609 <br />(a) Annual income means all amounts, <br />monetary or not, which: <br />(1) Go to, or on behalf of, the family head or <br />spouse (even if temporarily absent) or to any <br />other family member; or <br />(2) Are anticipated to be received from a <br />source outside the family during the 12-month <br />period following admission or annual <br />reexamination effective date; and <br />(3) Which are not specifically excluded in <br />paragraph (c) of this section. <br />(4) Annual income also means amounts <br />derived (during the 12-month period) from <br />assets to which any member of the family has <br />access. <br />(b) Annual income includes, but is not limited <br />to: <br />(1) The full amount, before any payroll <br />deductions, of wages and salaries, overtime <br />pay, commissions, fees, tips and bonuses, and <br />other compensation for personal services; <br />(2) The net income from the operation of a <br />business or profession. Expenditures for <br />business expansion or amortization of capital <br />indebtedness shall not be used as deductions in <br />determining net income. An allowance for <br />depreciation of assets used in a business or <br />profession maybe deducted, based on straight <br />line depreciation, as provided in Internal <br />Revenue Service regulations. Any withdrawal <br />of cash or assets from the operation of a <br />business or profession will be included in <br />income, except to the extent the withdrawal is <br />reimbursement of cash or assets invested in the <br />operation by the family; <br />(3) Interest, dividends, and other net income of <br />any kind from real or personal property. <br />Expenditures for amortization of capital <br />indebtedness shall not be used as deductions in <br />determining net income. An allowance for <br />depreciation is permitted only as authorized in <br />paragraph (b)(2) of this section. Any <br />withdrawal of cash or assets from an <br />investment will be included in income, except <br />to the extent the withdrawal is reimbursement <br />of cash or assets invested by the family. Where <br />the family has net family assets in excess of <br />$5,000, annual income shall include the <br />greater of the actual income derived from all <br />net family assets or a percentage of the value <br />of such assets based on the current passbook <br />savings rate, as determined by HUD; <br />(4) The full amount of periodic amounts <br />received from Social Security, annuities, <br />insurance policies, retirement funds, pensions, <br />disability or death benefits, and other similar <br />types of periodic receipts, including alump- <br />sum amount or prospective monthly amounts <br />for the delayed start of a periodic amount <br />(except as provided in paragraph (c)(14) of <br />this section); <br />(5) Payments in lieu of earnings, such as <br />unemployment and disability compensation, <br />worker's compensation and severance pay <br />(except as provided in paragraph (c)(3) of this <br />section); <br />2/25/13 Page 6-36 <br />