Which of the Following Statements Regarding Realized Income Is True

question 87

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 may not be excluded from gross income.
• D) None of these statements is True.

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