12) Taxpayer operates a business using the accrual method of accounting. In November of 2019, Taxpayer receives payment from a customer for goods that Taxpayer will not deliver until January of 2021. Assuming Taxpayer wishes to defer income recognition as long as possible and does not recognize income for book purposes before it recognizes it for tax, determine the latest year in which Taxpayer may include the payment in gross income.

a) 2019

b) 2020

c) 2021