TB MC Qu$.04-60($Static$)$ Which of the following statements regarding...

Which of the following statements regarding realized income is true?

Multiple Choice

Taxpayers need not include realized income in gross income unless a specific provision of the tax code requires them to do so$.$

Realized income requires some type of transaction or exchange with a second party.

Once income is realized it cannot be excluded from gross income.

None of these statements are true.