True or false: any unrealized holding gain or loss that exist when a transfer of investment category occurs should be immediately recognized into income.

Any unrealized holding gain or loss that exist when a transfer of investment category occurs should be immediately recognized into income. The statement is false.

What is income?

Income is the money that an individual or organization receives in return for their services or goods.
Depending on the context—such as taxation, financial accounting, or economic analysis—income may have a variety of definitions.
For the majority of people, their total earnings include their wages and salaries, investment returns, pension payments, and other receipts.

For businesses, income refers to the money made from selling goods and services as well as any interest or dividends paid on the company's cash holdings and reserves. Different definitions and methods of calculating income are used by economists.

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