There is no taxable income until such income is recognized. Taxable income is recognized when the (BEQ) a. taxpayer fails to include the income in his income tax retum. b. income has been actually received in money or its equivalent. C. income has been received, either actually or constructively. d. transaction that is the source of the income is consummated.
There is no taxable income until such income is recognized. Taxable income is recognized when the (BEQ) a. taxpayer fails to include the income in his income tax retum. b. income has been actually received in money or its equivalent. C. income has been received, either actually or constructively. d. transaction that is the source of the income is consummated.
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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Transcribed Image Text:6. There is no taxable income until such income is recognized. Taxable
income is recognized when the (BEQ)
a. taxpayer fails to include the income in his income tax retum.
b. income has been actually received in money or its equivalent.
income has been received, either actually or constructively.
d. transaction that is the source of the income is consummated.
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