Kate is an accrual basis, calendar-year taxpayer. On November 1, 2015, Kate leased out a building for
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Question:
Kate is an accrual basis, calendar-year taxpayer. On November 1, 2015, Kate leased out a building for $4,500 a month. On that day Kate received 7 months rental income on the building, a total of $31,500 ($4,500 × 7 months). How much income must Kate include on her 2015 tax return as a result of this transaction?
1. 4,500 2. 54,000 3. 9,000 4. 31,500 or 5. none
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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