Which of the following criteria is not required to be met under the tax concept of income?
A)There must be economic benefit.
B)Income must be realized.
C)Income must be recognized.
D)Cash must be received.

Question

Quizplus · Accepted Answer

The tax concept of income does not require that the income be received in cash. Income can be recognized and taxed even if it is in the form of property, services, or other non-cash benefits. The other criteria, economic benefit, realization, and recognition, are all necessary for income to be taxed under the tax concept of income.

Which of the Following Criteria Is Not Required to Be