A. In 20X1, Mary owned part of Avalon, a partnership. The partnership had a net profit of $500,000 in 20X1. In 20X1, Mary received a distribution of $50,000 from the partnership. In 20X1, Mary's ownership share of Avalon's profit was $150,000. Which of the following is true?

Group of answer choices

[ ] Mary reports $500,000 of income from the partnership on her Income Tax Return.

[ ] Mary reports $50,000 of income from the partnership on her Income Tax Return.

[ ] Mary reports $150,000 of income from the partnership on her Income Tax Return.

[ ] Mary reports $0 of income from the partnership on her Income Tax Return.

B. Jeremy is an accrual basis taxpayer who operates a medical business. He bills a client for $5,000 for a medical procedure that he performed on 11/18/2020. His client mails Jeremy $5,000 via a check on 12/26/2020. Jeremy receives the check on 01/02/2021. When does Ron recognize the $5,000 as income?

Group of answer choices

[ ] 11/18/2020

[ ] 12/26/2020

[ ] $2,500 on 12/26/2020, and $2,500 on 1/2/2021

[ ] 1/2/2021