2. The maximum a 35-year-old self-employed taxpayer can contribute to his SEP is the lesser of _____________ or 20% of self-employment net profit minus _____________.

3.On November 1, 20X1, an accrual basis taxpayer receives $3,600 in advance for 24-months of subscription services. The taxpayer includes in gross income _____________ in 20X1, _____________ in 20X2 and _____________ in 20X3

13. An accrual basis landlord received rental payments of $6,500 in 2020. Of this amount, $500 is rent for January 2021. The landlord recognizes _______________ as income in 2020.

15. For property gifted at a time when the fair market value of the property is less than the donor's adjusted basis in the property, the donee's basis for computing gain is equal to _______________.

17. Assuming no gift tax is paid, the donee's adjusted basis of appreciated property received as a gift is _______________.