Which of the following does not describe income?
a. Increase in taxpayer's wealth
b. Return of taxpayer's wealth
c. Realization or receipt of gain
d. Earnings constructively received
Answer: b. Return of taxpayer's wealth
Which of the following does not describe income?
a. Increase in taxpayer's wealth
b. Return of taxpayer's wealth
c. Realization or receipt of gain
d. Earnings constructively received
Answer: b. Return of taxpayer's wealth