You own an oil painting that increases in value by $12,000 but you do not sell the painting. The $12,000 is counted as ________ income.
A. taxable income but not economic
B. neither taxable nor economic
C. both economic and taxable
D. part of economic income but not part of taxable
Answer: D
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The current account records
a. last year's flows of funds into and out of the country b. current flows of imports and exports of goods and services, net income earned by U.S. residents from foreign assets, and net transfer payments c. current flows of imports and exports of goods only d. only net income earned by U.S. residents from foreign assets e. only current flows of imports and exports of goods and services and net transfer payments
In the case of Intimate Bookshop v. Barnes & Noble, Intimate alleged that Barnes & Noble
a. was bundling products in order to reduce competition. b. used technological advances to sell at lower prices. c. was buying books at discriminatory prices. d. had merged with other competitors in an effort to gain monopoly power.