Television station Channel 2 receives $200,000 from Harry's Auto Parts, Inc, to air Harry's commercials during a local automotive repair talk show in December 2017 . December's ratings drop sharply when the show's star quits to work as a mechanic with a NASCAR team. Shortly thereafter, Harry contacts Channel 2 indicating that he wants to discontinue his sponsorship and requests return of $125,000
of the payment. The station continues to air the commercials and keeps the $200,000 . Harry initiates a legal suit to recover the $125,000 . Why is the $200,000 included in Channel 2's 2017 gross income?
I. All-inclusive Income Concept.
II. Capital Recovery Concept.
III. Wherewithal-To-Pay Concept.
IV. Claim of Right Doctrine.
V. Constructive Receipt Doctrine.
a. Only statement I is correct.
b. Only statement IV is correct.
c. Statements I, III, and IV are correct.
d. Statements I, III, and V are correct.
e. Statements II, III, and IV are correct.
c
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