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Explain the difference between unrealizedand realized income.Distinguisheach type, the significance of each, andexplain your reasoning. Give examplesin

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  1. Explain the difference between unrealizedand realized income.Distinguisheach type, the significance of each, andexplain your reasoning. Give examplesin your response(s).
  2. Explain the concept of character of income and its significance. Give examples.

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