79 - Millie on Antonio’s behalf For Antonio the economic...

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Refer to Example 3-4 in the chapter. Explain why Antonio is required to report income even though he did not receive an asset (either cash or property). Answer: Antonio received a benefit (he was better off economically) when Arturo paid
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Unformatted text preview: Millie on Antonio’s behalf. For Antonio, the economic outcome would be exactly the same whether Arturo paid Millie on Antonio’s behalf or whether Arturo paid Antonio and then Antonio paid Millie....
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