Mr. Garcia, a cash-basis taxpayer, owns an apartment building. His records reflect the following information for 2019:
Question:
Mr. Garcia, a cash-basis taxpayer, owns an apartment building. His records reflect the following information for 2019:
What is the amount of gross rental income Mr. Garcia should include in his gross income?
a. $2,300
b. $3,000
c. $3,950
d. $4,350
e. $5,300
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ANSWER The correct answer is b 3000 For a cashbasis taxpayer like Mr Garcia rental income is gen...View the full answer
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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