Taxation, 2011 Bar — Question 32

MULTIPLE CHOICE

Income is considered realized for tax purposes when (A) it is recognized as revenue under accounting standards even if the law does not do so. (B) the taxpayer retires from the business without approval from the BIR. (C) the taxpayer has been paid and has received in cash or near cash the taxable income. (D) the earning process is complete or virtually complete and an exchange has taken place.

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