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19 Firm Q operates a cash basis consulting business. In October, Firm Q billed a client for $24,000 of consulting services. In November the client

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19 Firm Q operates a cash basis consulting business. In October, Firm Q billed a client for $24,000 of consulting services. In November the client settled the bill by paying $10,300 cash and transferring marketable securities worth $13,700 to Firm Q. How much taxable income does Firm Q recognize on settlement of the bill? 5 points Taxable income 01:15:33 eBook

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