All-events Test

All-events Test means:
a test whereby income is considered to be earned by an accrual-basis taxpayer when all of the events have occurred that determine the right to receive such income, and the amount can be determined with reasonable accuracy. Further, this test is used to determine when expenses are deductible by an accrual-basis taxpayer. A deduction is available in the year the expenditure becomes fixed and the amount is determinable with reasonable certainty. Former Tax Regulation (check if this Reg. is current here) §§1.46l-l(a)(2) and 1.466-l(c)(l)(ii).