Which of the Following Statements Regarding Realized Income Is True

Multiple Choice

Which of the following statements regarding realized income is true?

A) Taxpayers need not include realized income in gross income unless a specific provision of the tax code requires them to do so.
B) Realized income requires some type of transaction or exchange with a second party.
C) Once income is realized it cannot be excluded from gross income.
D) None of these statements are true.