6. Lawes Company, a cash basis business, mailed a $24,500 invoice to MWQ Partnership for professional services rendered. MWQ offered to pay the invoice by transferring 250 shares of ConAgri common stock to Lawes. The shares are selling on the NYSE at $98 per share. If Lawes accepts the shares in payment, it recognizes: A. No taxable income. B. No taxable income until it sells the ConAgri shares for cash. C. $24,500 taxable income. D. It is illegal for a cash basis taxpayer to accept a noncash payment. 7. Which of the following statements describes a permanent book/tax difference? A. An expense reported on the current income statement but deducted on next year's tax B. A revenue item included in current taxable income but not reported on the statement until next year C. An expense that is never deductible D. A revenue item reported on the current income statement but not included i income until an indefinite future year 8. Mr. Dilly has expenses relating to a qualifying home office of $14,320. The tar generated by the business before any deduction of home office expenses was allowable home office deduction is $14,320. TRUE or FALSE 9. A partnership deducts guaranteed payments paid to its partners in con income, and partners report guaranteed payments received as ordinary ir TRUE or FALSE