All events test
What does All events test mean in American Law?
The definition of All events test in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:
In income tax law, the test for determining whether an item of income or expense should be included by an accrual basis taxpayer in a particular taxable year is (a) whether all the events have occurred which fix the right to receive or duty to make the payment; and (b) whether the amount can be determined with reasonable accuracy.
Meaning of All-events Test
In this law dictionary, the legal term all-events test is a kind of the Tax class.
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