This preview shows page 1. Sign up to view the full content.
Unformatted text preview: asset received. 4. What is meant by the concept of constructive receipt? Answer: Constructive receipt of income means that the income is available to or in the control of the taxpayer regardless of whether the taxpayer chooses to utilize the income. For example, income credited to a savings account at year-end is constructively received even if the taxpayer does not withdraw it for use....
View Full Document
- Spring '11