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C is corrent. The requirement is to determine the correct statement with regard to the cash method of reporting income. Under the cash method of tax accounting, income is reported (i.e., recognized) when first actually received or constructively received either in cash or in property. In the case of property, the FMV of the property received is the amount to be reported. Constructive receipt means that an item of income is unqualifiedly available without restriction (e.g., interest resulting from a savings account is reported as income for the year in which the interest is credited to the account).
A is incorrect. Income must also be reported if it is constructively received.  
B is incorrect. The FMV of noncash property must also be reported. 
D is incorrect. Income must also be reported if it is constructively received.