rjskal
New Member

Deductions & credits

I wouldn't be so sure about that, Critter.  Treas. Reg. Section 1.212-1(b) states, “The term income for the purpose of Section 212 includes not merely income of the taxable year but also income which the taxpayer has realized in a prior taxable year or may realize in subsequent taxable years; and is not confined to recurring income but applies as well to gains from the disposition of property.”