Which of the following is not included in portfolio income?

Portfolio income generally refers to earnings generated from investments, such as stocks, bonds, and other financial assets. This includes dividends, interest earnings, and royalties, as these are derived from ownership of financial assets or intellectual property.

Ordinary business income, on the other hand, is not considered portfolio income. It is generated from the primary operations of a business, such as revenue from sales or services provided. This type of income arises from the ongoing activities of the business rather than from passive investment sources. Therefore, ordinary business income is distinctly categorized separately from portfolio income, which focuses on earnings from investments rather than business operations.