{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Problem 13-69 - Problem 1369 Bill is a cash basis calendar...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
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)
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Ask a homework question - tutors are online