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Income Tax Planning
Chapter 4: Gross Income from Personal and Investment Activities/RECOGNITION OF INCOME (2 OF 2)
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 4: Gross Income from Personal and Investment Activities

RECOGNITION OF INCOME (2 OF 2)

01.Core Concepts

• Income is recognized if received • In cash • In kind (property or services)  Barter transactions • Income does not include recovery of capital investment (capital recovery doctrine).