Which of the following statements concerning the income tax treatment of interest income is NOT correct?
A. If there is accrued interest on a debt obligation, the seller includes the accrued interest in income and the purchaser deducts a corresponding amount from the interest received on the debt obligations.
B. Corporations must accrue interest on a daily basis.
C. Individuals must account for interest using a cash basis.
D. Accrued interest from the date of the last interest payment date is adjusted to ensure it is not part of the ACB of the debt obligation.