John is a self-employed accountant. He owes his plumber $5,000 for repairs to his bathroom. John...

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John is a self-employed accountant. He owes his plumber $5,000 for repairs to his bathroom. John requests one of his clients, who owes him $5,000 for accounting services, to pay this amount directly to his plumber. Has John derived any income? [10.9] John is a self-employed accountant. He owes his plumber $5,000 for repairs to his bathroom. John requests one of his clients, who owes him $5,000 for accounting services, to pay this amount directly to his plumber. Has John derived any income? [10.9]

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Step 1 Income refers to the earning derived by an individual or a business ... View the full answer