You own a house in Malibu, CA. During the recent downturn in the house values in the area your house's value declined by $100,000. If you do not sell your home during this period, your economic income ________ and your taxable income ________.

A) was unchanged; fell
B) fell; was unchanged
C) fell; fell
D) was unchanged; was unchanged

Economic Income

The total value of all income earned, including both monetary sources and the monetary value of benefits such as stock options or health insurance.

Taxable Income

The portion of an individual's or entity's income used to determine how much tax is owed to the government in a given tax year.

House Values

The monetary worth or price of a residential property, which can fluctuate based on market conditions, location, and property features.