Basic Federal Income Taxation: Gross Income: Realization Concepts in Gross Income
This lesson will guide the user through a series of questions and answers to illustrate the basics of gross income and realization concepts. The lesson reviews your understanding of Internal Revenue Code section 61, among others.
On completion of the lesson, the student will be able to:
1. Explain the application of I.R.C. section 61 to different fact patterns.