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## Introduction
- This session covers property and trading income assessment for tax purposes.
- The session highlights distinctions and similarities between property and trading income.

## Basis of Assessment
- **Overview:**
- The assessment of tax is crucial in both areas.
- Focuses on cash basis versus accrual basis accounting.
- **Cash Basis:**
- Revenue is accounted for when cash is received, not when sales are made.
- Expenses are accounted for when they are paid, not when invoiced.
- **Accrual Basis:**
- Adjustment of revenue and expenses based on when they are incurred, as studied in previous classes (e.g., IFA).
- **Cash Basis Eligibility for Property Income:**
- Available for unincorporated property businesses with gross receipts