A contingent gain is an economic benefit that may be realized when a favorable event occurs, though it is not guaranteed and depends on future uncertainties.
Imputed income refers to the economic benefit a taxpayer obtains through the performance of their own services or through the use of their own property. Generally, imputed income is not subject to income taxes.
Income represents an economic benefit, encompassing money or value received over a period. It is a crucial concept in various domains like accounting, taxation, and economics.
