For tax purposes, one of the requirements to recognize income is:
A. The income must be tax exempt.
B. There must be an economic benefit.
C. The transaction must occur but completion of the transaction is not necessary.
D. There must be a cash transaction.
Answer:B
For tax purposes, one of the requirements to recognize income is:
A. The income must be tax exempt. B. There must be an economic benefit. C. The transaction must occur but completion of the transaction is not necessary. D. There must be a cash transaction.