Match each term with the correct statement below.
-Assignment of Income
A)Allocates income, losses, and deductions to its owners for inclusion in their personal returns.
B)Each tax unit must keep separate records and report the results of its operations separate and apart from other tax units.
C)Income from services must be taxed to the taxpayer rendering the service and income from property must be taxed to the owner of the property.
D)Any tax year that ends on the last day of a month other than December.
E)All taxpayers must report the results of their operations on an annual basis.
F)A tax year that ends on December 31.
G)A tax entity that is liable for the payment of tax.

Question

Quizplus · Accepted Answer

The Assignment of Income doctrine mandates that income generated from services be taxed to the individual who performed the services and income from property be taxed to the property's owner, ensuring that income is taxed to the person or entity that actually controls the earning of that income.

Match Each Term with the Correct Statement Below