Dave is a plumber who uses the cash method of accounting. This year Dave requested that his clients make their checks payable to his son, Steve. This year Steve received checks in the amount of $62,000 for Dave's plumbing services. Which of the following is a true statement?
(a) Dave is taxed on $62,000 of plumbing income this year.
(b) Steve is taxed on $62,000 of plumbing income this year.
(c) Steve is taxed on $62,000 of income from gifts received this year.
(d) Dave may deduct the $62,000 received by Steve.
(e) All of these are true