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When is Taxable Income Recognized?

Started by MikeLigalig.com, October 11, 2012, 07:40:47 PM

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MikeLigalig.com

October 11, 2012, 07:40:47 PM
There is no taxable income until such income is recognized.  Taxable income
is recognized when the

A. taxpayer fails to include the income in his income tax return.
B. income has been actually rece ived in money or its equivalent.
C. income has been received, either actually  or constructively.
D. transaction that is the source of the income is consummated.

answer is letter C
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