Hank bought a small ranch for $300,000 in 2010. In 2014, oil is discovered on neighboring property. The county assessor re-valued Hank's property at $1,550,000. Hank does not recognize any income due to the
A) All-inclusive Income Concept.
B) Capital Recovery Concept.
C) Realization Concept.
D) Claim of Right Doctrine.
E) Ability-to-Pay Concept.
Correct Answer:
Verified
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