7. (TCO I) Steve, a cash basis taxpayer, owns two rental properties. Based on the following information, compute the amount that he must include in his 2011 gross rental income. Property #1, security deposit on one-year lease received 2/1/11 All of deposit returned at lease end: $500 Property #1, payment received 2/1/11 for last month of lease(1/12): $700 Property #1, rental income received in 2011 2/11-12/11: $7,700 Property #2, rental income received in 2011 1/11-12/11: $12,000 Property #2, security deposit received 1/1/11 to be used for last month's rent: $900 Property #2, rent 1/12 received 12/28/11: $1,000 (Points : 5) $16,700 $22,800 $21,800 $22,300 8. (TCO F) Section 197's intangible assets, such as patents and trademarks, are amortized for tax purposes over: (Points : 5) 3 years. 6 years. 10 years. 15 years