(L02) Juliette received (( $ ) 12,000) in income in Year 4 under a contract with a...
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(L02) Juliette received \(\( \$ \) 12,000\) in income in Year 4 under a contract with a customer who paid her. In Year 5, a contractual dispute arose between Juliette and her customer. The dispute was resolved, and Juliette returned the \(\( \$ \) 12,000\) of income to the customer in Year 5.
a. Does Juliette have income in Year 4?
b. Can Juliette take a deduction of \(\( \$ \) 12,000\) in Year 5?
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Related Book For
Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg
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