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Business, 05.03.2020 19:18 Kangarue27

Kate is an accrual basis, calendar-year taxpayer. On November 1, 2019, 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 2019 tax return as a result of this transaction? a. $4,500 b. $54,000 c. $9,000 d. None of these e. $31,500

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Kate is an accrual basis, calendar-year taxpayer. On November 1, 2019, Kate leased out a building fo...
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