Which of the following is not a necessary condition for income to be included in gross income?
A)Income must be realized.
B)Income must be paid in cash.
C)Income cannot be excluded by law.
D)Income must be made available to a taxpayer on the cash basis.
E)All of these choices are correct.

Question

Quizplus · Accepted Answer

Income can be included in gross income even if it is not paid in cash. For example, it can be in the form of property, services, or even forgiveness of debt. However, the other conditions listed (realization, non-exclusion by law, and availability to the taxpayer) are necessary for income to be included in gross income.

Which of the Following Is Not a Necessary Condition for Income