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Constructively Received Income

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Tax Question:

Which of the following would be considered "constructively received?"

i. interest credited to a savings account
ii. a check received after banking hours
iii. a paycheck received from employer, when employer does not have funds in the bank to cover the check

a. I only
b. II only
c. III only
d. I & II only
e. None of above

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Solution Summary

This solution provides the correct answer with complete explanation to the constructive income multiple choice question listed.

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I & II are both received under constructive receipt. III is not received under ...

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