Occasionally, realized gains are not recognized for tax purposes. These situations occur because:
I.certain gains are excluded on account of the legislative grace concept.II.gains are deferred on certain types of property transactions on account of the wherewithal-to-pay concept and the tax resulting from the transaction is lacking.?
A. Only statement I is correct.
B. Only statement II is correct.
C. Both statements are correct.
D. None of the statements are correct.
Answer: C
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