Identify the tax issue or issues suggested by the following situations and state each issue in the
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In October 2013, Firm G completed a consulting engagement and received a $200,000 cash payment for its services. In December, the client notified Firm G that it was un-satisfied with the work and demanded that Firm G refund $50,000 of the payment. Firm G refused and referred the matter to its attorney. In 2015, Firm G settled the dispute by paying the client $30,000. Firm G’s 2013 marginal tax rate was 39 percent and its 2015 marginal tax rate was 34 percent.
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Should Firm G have recognized 200000 or only 150000 income in 2013 ...View the full answer
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Related Book For 
Principles Of Taxation For Business And Investment Planning 2016 Edition
ISBN: 9781259549250
19th Edition
Authors: Sally Jones, Shelley Rhoades Catanach
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