In the world of taxation, the concept of constructive receipt and substantial limitation is crucial in determining the timing of income recognition. Constructive receipt refers to...
The constructive receipt is a tax concept based on which it is assumed that a taxpayer has received income, even though the income has not yet been physically received, which must...
Under the cash method of accounting, not only is income recorded in the year in which it was received, but income is also reported in the year in which it is constructively received.The...