Problem 13-69 Bill is a cash basis calendar year taxpayer. Which of the following December items result in gross income or deductions for the current year? (A) check received for December rent, $700 not deposited until January 4th. (B) Check for $1,100 to pay Bill's state income tax mailed December 28th, cashed January 7th. (C) Cash received in the amount of $500 for services to be rendered the following year. (D) Interest of $800 credited to his savings account, added to Bill's account balance. (E) Check received for January rent, $700, deposited on January 9th. (F) Charitable contribution of $300 charged on Bill's mastercard. (G) Bills totaling $2,000 sent for services rendered during the year, uncollected as of year end. A) $700 check received is income for current (check = constructive receipt)
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Payment, Credit card, Taxation in the United States