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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.
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.
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