Describe the concept of realization for tax purposes

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Reference no: EM13905794

1. Based on the definition of gross income in $61 and related regulations, what is the general presumption regarding the taxability of income realized?

2. Based on the definition of gross income in $61, related regulations, and judicial rulings, what are the three criteria for recognizing taxable income?

3. Describe the concept of realization for tax purposes.

Reference no: EM13905794

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