1. How is the definition of income for income tax purposes different from the definition used by…

1. How is the definition of income for income tax purposes
different from the definition used by economists to measure income?

2. One of Adam Smith’s four criteria for evaluating a tax is
certainty. Does the income tax definition of gross income promote certainty in
the U.S. tax system? Explain.

3. What is the difference between realized income and
recognized income?