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All of the following statements concerning cash basis are correct except 1 In general, income is included...

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Finance

All of the following statements concerning cash basis arecorrect except

1 In general, income is included in taxable income in the yearin which it is actually received

2 Income is included in taxable income in the year in which itis constructively received if this precedes the year in which it isactually received

3 The cash basis taxpayer has the option of reporting taxableincome in the year it is actually received or constructivelyreceived

4 Most taxpayers are cash basis taxpayers

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All of the following statements concerning cash basis are correct except the cash basis taxpayer has the option of reporting taxable income in the year it is actually received or constructively received The cash basis taxpayer has    See Answer
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