Which two aspects are essential for determining gross income?

The determination of gross income hinges on understanding who owns the income and what income should be reported. Identifying ownership is crucial, as it establishes the taxpayer's obligation to include that income in their gross income calculation. If individuals or entities do not own the income, they are not responsible for reporting it on their tax returns.

Additionally, being able to recognize what constitutes reportable income is essential because only certain types of income are subject to taxation under the Internal Revenue Code. This includes wages, interest income, dividends, and business income, among others. Understanding these two aspects allows taxpayers to accurately assess their gross income, ensuring compliance with tax laws and guidelines.

In contrast, the other options focus on different facets of the income reporting process that are not fundamental to the initial determination of gross income.