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| Teaching Since: | May 2017 |
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| Questions Answered: | 66690 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
• Section 61 of the Internal Revenue Code defines income as “income from whatever source derived unless otherwise excluded” (2014, IRC Code). In determining income, several key concepts have evolved from this definition. Explain the following concepts, and provide at least one example of each. Explain which concept you think is most beneficial from a taxpayer’s point of view and which concept is most beneficial from IRS’s point of view. o Realized income o Recognized income o Return of capital doctrine o Constructive receipt o Tax benefit rule o Wherewithal to pay doctrine
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