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:

Molecule

A molecule refers to the smallest unit of a chemical compound that can exist independently while retaining the composition and chemical properties of the compound.

Competitive Edge

Advantage that allows an organization to outperform its competitors, often through superior products, services, or efficiencies.

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Green Chemistry

The design of chemical products and processes that reduce or eliminate the use or generation of hazardous substances.