Fay "hires" her four-year-old son as the office manager for her real estate firm. She deducts $20,000 annual salary paid to her sonas a business expense. The IRS disallows the deduction upon examination of Fay's tax return. Which of the following concepts or doctrines supports the position of the IRS?

Group of answer choices

all-inclusive income concept

substance-over-form doctrine

claim-of-right doctrine

entity concept

realization concept

The text stated that realized gains from certain types of transactions (e.g., like-kind exchanges) are deferred for recognition in a future period. The basis of this treatment is the

Group of answer choices

annual accounting period concept

business purpose concept

wherewithal-to-pay concept

capital recovery concept