Mr Garcia, a cashbasis taxpayer, owns an apartment building His records reflect the following information for 2018 What is the amount of gross rental income Mr Garcia should include in his gross income a ( $ 2,300 ) b ( $ 3,000 ) c ( $ 3,950 ) d ( $ 4,350 ) e ( $ 5,300 ) Tenant G paid cost of floor...

The gross rental income for a cash basis taxpayer is generally reported when it ...

Mr. Garcia, a cashbasis taxpayer, owns an apartment building. His records reflect the following information for 2018:

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Mr. Garcia, a cashbasis taxpayer, owns an apartment building. His records reflect the following information for 2018:

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What is the amount of gross rental income Mr. Garcia should include in his gross income?

a. $\$ 2,300$

b. $\$ 3,000$

c. $\$ 3,950$

d. $\$ 4,350$

e. $\$ 5,300$

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CCH Federal Taxation 2019 Comprehensive Topics

ISBN: 9780808049081

2019 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 27, 2024 04:02 AM

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Mr. Garcia, a cashbasis taxpayer, owns an apartment building. His records reflect the following information for 2018:

Question:

Tenant G paid cost of floor repairs that were Mr. Garcia's responsibility Security deposits to be returned to tenants upon expiration of their leases in 2020 Advance rents received in December for the first six months of 2019 $950 1,350 3,000

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CCH Federal Taxation 2019 Comprehensive Topics

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