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Tommy finds a diamond ring hidden in the sand at the beach. He decides to keep the ring, placing it on his mantle in his
Tommy finds a diamond ring hidden in the sand at the beach. He decides to keep the ring, placing it on his mantle in his home. Tommy never had the ring appraised. Although Tommy has an accession of wealth, he does not have income until he has a realization event, which will occur on the day sells the ring.
True or False
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