1. (1) Income is considered to be received for the purpose or the law when:

   1. (a) It is actually paid in cash;
   2. (b) Check or other negotiable instrument, or equivalent, is mailed to taxpayer, regardless of date received;
   3. (c) When credited upon the books of a bank, banking institution, broker or any agent of the taxpayer;
   4. (d) When payment is made in merchandise or other commodities of intrinsic value.

Authority: T.C.A. §§67-1-102 and 67-2-113. Administrative History: Original rule certified June 7, 1974.