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chaper 4 - Chapter 4 Learning Objectives LO.1 Explain the...

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Chapter 4 Learning Objectives LO.1 Explain the concepts of gross income and realization and distinguish between the economic, accounting, and tax concepts of gross income. LO.2 Understand when the cash, accrual, and hybrid methods of accounting are used and how they are applied. LO.3 Identify who should pay the tax on an item of income. LO.4 Understand that statutory authority is required to exclude an item from gross income. LO.5 Apply the Internal Revenue Code provisions on loans made at below-market interest rates. LO.6 Determine the extent to which receipts can be excluded under the tax benefit rule.
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