S1: Gross income exclusion are flow of wealth to taxpayers which are not considered as part of gross income for purposes of computing taxpayer's taxable incomebecause it is exempted by law or statute and it does not meet the definition of income.S2: Remuneration for services constitutes compensation income even if the relationship of employer and employee does not exist any longer at the time whenpayment is made as long as the related payment constitutes compensation for the services rendered during the existence of an employer-employee relationship.OS1 is false; S2 is trueOS1 is true; $2 is trueOS1 is true; S2 is falseOS1 is false: S2 is false

Compensation income refers to the form of income gained by an entity that arises out of an…

Answered: mpted by law or statute and it does not…

mpted by law or statute and it does not me on for services constitutes compensation in e as long as the related payment constitute is true is true is false

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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