In General,an Individual Must Recognize Income on His or Her

question 63

True/False

In general,an individual must recognize income on his or her tax return if the transaction has economic benefit,the transaction has reached a conclusion and the income from the transaction is tax-exempt income.

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Definitions:

Economic system

The structured and organized way a society decides on the production, distribution, and consumption of goods and services.

Domesticating

The process of adapting wild plants or animals for human use, such as for food, work, companionship, or as pets.

Pastoralism

An economic system based on tending herds of large animals.

Collectively owns

The state of ownership where assets or properties are held in common by a group rather than individuals.