Which of the Following Statements Regarding Realized Income Is True

question 94

Multiple Choice

Which of the following statements regarding realized income is true?

• A)Taxpayers need not include realized income in gross income unless a specific provision of the tax code requires them to do so.
• B)Realized income requires some type of transaction or exchange with a second party.
• C)Once income is realized it cannot be excluded from gross income.
• D)None of these statements are true.