Under Both the Accounting and Tax Law Concepts of Income,income

question 39

True/False

Under both the accounting and tax law concepts of income,income must be "realized."

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Definitions:

Kyphosis

An exaggerated, forward rounding of the back, often seen in the upper back or thoracic spine, which can result from osteoporosis, spinal fractures, or other conditions.

Osteoporosis

Reduction in quantity of bone, resulting in porous bone.

Cervical Vertebra

Vertebrae located in the neck portion of the spine comprising the top part of the spinal column.

Thoracic Vertebrae

The set of twelve vertebrae located between the cervical vertebrae and the lumbar vertebrae that form the midsection of the vertebral column.