Duffy Associates is a partnership engaged in real estate development. Olinto, a civil engineer, billed Duffy $40,000
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Duffy Associates is a partnership engaged in real estate development. Olinto, a civil engineer, billed Duffy $40,000 in the current year for consulting services rendered. In full settlement of this invoice, Olinto accepted a $15,000 cash payment plus the following:
What amount should Olinto, a cash basis taxpayer, report on his current-year return as income for the services rendered to Duffy?
a. $15,000
b. $28,000
c. $32,000
d. $40,000
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Related Book For 
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
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