Which of the following statements regarding realized income is true?
A) Taxpayers need not include realized income in gross income unless a specific provision of the tax code requires them to do so.
B) Realized income requires some type of transaction or exchange with a second party.
C) Once income is realized it may not be excluded from gross income.
D) None of these statements is true.Realized income requires a transaction with a second party in which there is a change in property rights between parties.
Correct Answer:
Verified
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