If an amount is ordinary income to a recipient: O it must also be a capital gain O It may also be included in the recipient's assessable income via a statutory income provision but the rules about ordinary income will prevail. O It may also be included in the recipient's assessable income via a statutory income provision. O Ifitis also included in the recipient's assessable income via a statutory income provision then usually the statutory income provision will prevail.
If an amount is ordinary income to a recipient: O it must also be a capital gain O It may also be included in the recipient's assessable income via a statutory income provision but the rules about ordinary income will prevail. O It may also be included in the recipient's assessable income via a statutory income provision. O Ifitis also included in the recipient's assessable income via a statutory income provision then usually the statutory income provision will prevail.
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 1MCQ: The definition of gross income in the tax law is: All items specifically listed as income in the tax...
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