There is no taxable income until such income is recognized. Taxable income is recognized when the: (2011 Bar Question)
2011 Bar Exam · Taxation Law · Question 24 · Multiple choice
The question
There is no taxable income until such income is recognized. Taxable income is recognized when the: (2011 Bar Question)
- A.taxpayer fails to include the income in his income tax return.
- B.income has been actually received 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.
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