When a taxpayer receives a payment for signing a restrictive covenant, the general rule is that the full amount must be included in the taxpayer's income when it is received or receivable. The proposed legislation on this subject provides for three exceptions to this general rule. Briefly describe these exceptions.

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The Answer of When a taxpayer receives a payment for signing a restrictive covenant, the general rule is that the full amount must be included in the taxpayer's income when it is received or receivable. The proposed legislation on this subject provides for three exceptions to this general rule. Briefly describe these exceptions.

When a Taxpayer Receives a Payment for Signing a Restrictive