 | Learning Objectives
(See related pages)
Upon completing this chapter, you should be able to:
| LO 5-1 | Apply the concept of realization and explain when taxpayers
recognize gross income.
| | LO 5-2 | Understand the distinctions between the various sources of
income, including income from services and property.
| | LO 5-3 | Apply basic income exclusion provisions to compute gross
income.
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