********Can you check the answers?

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

Accrual basis taxpayers usually report income in the year it is due to them but must report income received in advance in the year they receive it. Therefore, if on November 1, 20x1, the taxpayer receives $3,600 in advance for 24 months of subscription services, the $3,600 would be reported as income in 20x1 under both the cash and accrual methods.

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.

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

Accrual basis taxpayers usually report rental income in the year it is due to them but must report rent received in advance in the year they receive it. Therefore, if in 2020, the landlord receives $6,500 from a tenant. Of this amount, $500 is rent for January 2021; the $500 would be reported as rental income in 2020 under both the cash and accrual methods.

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 _______________.

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 fair market value when one receives the gift plus or minus any required adjustment to the basis while the property was held.

The fair market value of the gifted property is less than the donor's adjusted basis; then, the loss is calculated from the adjusted basis value of the property minus the fair market value disposal of the property.

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

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

21. ___________ is the type of property held for sale to customers.

Property that will become part of the inventory, such as raw materials and work-in-process, is the type of property held for sale to customers.

28.List the Forms and/or Schedules that would be used for a Taxpayer that has the following:

W-2 income of $40,000

Interest Income

Dividend Income

Pays for Child Care for 1 Child at $10,000

Form 1040

Schedule B

Schedule 8812

******Can you check the answers ? TY