Income Realization May Occur as a Result of

Multiple Choice

Income realization may occur as a result of
I.Relief from a liability.
II.Exchange of property.
III.Payment of the taxpayer's indebtedness by another.
IV.A barter transaction where only goods and services are exchanged.
​

A) Only statement I is correct.
B) Only statement II is correct.
C) Only statements I and IV are correct.
D) Only statements I, II, and IV are correct.
E) Statements I, II, III, and IV are all correct.