Taxpayers Need Not Include an Income Item in Gross Income

question 63

True/False

Taxpayers need not include an income item in gross income unless there is a specific tax provision requiring the taxpayer to include the income item in gross income.

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Definitions:

Animals

Living organisms that typically have sensory organs, the ability to move, and the necessity to consume organic substances for survival.

Utilitarian Analysis

An assessment method grounded in utilitarianism, evaluating actions based on their consequences for the overall happiness or well-being.

Rights

Charter of entitlements and freedoms guaranteed to individuals, often protected by law.

Utilitarian Principle

A philosophical concept that actions are right if they are useful or for the benefit of the majority.