A customer offered to pay Jenny in December 2024 for services rendered that year if Jenny would pick up the check at the customer's office, located 50 miles away. Jenny did not go to collect the income until January 2025. Group of answer choices If Jenny is an accrual-basis taxpayer, the income will be taxed in 2025. If Jenny is a cash-basis taxpayer, the income will always be taxed when received If Jenny is a cash-basis taxpayer and the income is deemed constructively received in 2024, the income will not be taxed again when it is actually received in 2025. The income will be taxed in 2024, regardless of whether Jenny is a cash-basis or accrual-basis taxpayer. calculate the income tax of jenny.

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When is Jenny taxed on the income For Jenny the timing of taxation depends on her accounting method ... View the full answer