Q1.Explain the different concepts of income from accounting, economics and taxation perspectives (DO NOT copy from the slides). (1 Mark)

Q2. What is the difference between deductions for and deductions from adjusted gross income AGI under US tax law? Give two examples of each deduction. (DO NOT copy, use your own words). (2 Marks)

Q3. To make income taxable, income must be realized and recognized. Explain in your own words the difference between income realization and income recognition, then provide a short numerical example to indicate the difference. (2 Marks)