Professor White operates a popular bar review course as a sole proprietor. He charges $2,000 tuition to each student, and he guarantees a full refund of the tuition if the student passes an in-course exam but does not pass the actual bar exam on the first try. White is bold enough to do this because the first-timepass rate is more than 80 percent for the bar exam (as opposed to less than 15 percent for the certified public accountants [CPA] exam). He collected

$150,000 tuition for his Fall 2008 review section, but he reported the gross receipts on his 2009 Form 1040, because the grades for those taking the fall review are not released until February 2009. Thus, White asserted that he had no constructive receipt of the tuition until February 2009. Is this treatment correct?