(Solution) - The timing of when the economic performance test is satisfied -(2025 Original AI-Free Solution)

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The timing of when the economic performance test is satisfied depends on the type of transaction and whether the transaction is recurring.
a. When does economic performance occur for a taxpayer who must provide property or services to another person?
b. When does economic performance occur when another person provides the taxpayer with property or services?
c. Explain the exception to the economic performance test for recurring liabilities.