Bart owns 100% of the stock of Octo Corporation, which uses the accrual method. Bart's sister Samantha,
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Question:
Bart owns 100% of the stock of Octo Corporation, which uses the accrual method. Bart's sister Samantha, a cash method taxpayer, did some advertising work for Octo in November 2021.
In December, Octo received a billing statement from Samantha for $5,000 and paid Samantha the $5,000 in January 2022. Samantha is a calendar year taxpayer. When may Octo deduct the $5,000?
Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
Posted Date: