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....
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This note was uploaded on 09/16/2011 for the course ACCT 145 taught by Professor Eric during the Spring '11 term at Palm Beach Community College.
- Spring '11