Income realization may occur as a result of:

I. Relief from a liability.

II. Exchange of property.

III. Payment of the taxpayer's indebtedness by another.

IV. A barter transaction where only goods and services are exchanged.

Options

a. Only statement I is correct.

b. Only statement II is correct.

c. Only statements I and IV are correct.

d. Only statements I, II, and IV are correct.

e. Statements I, II, III, and IV are all correct.