ed View)- Word (Pooduct Activation Faled 6. Ralph, a cash basis taxpayer, owns a five-story office building that he leases to various tenants. During the year, he signed a three-year lease with a tenant and received a check of $6,000 for the following: Si S. ne rs Rent for November 1, 2017 to October 1, 2018 $5,000 Advance rent for last three months of lease Security deposit (refundable) 600 400 For the current year, 2017, Ralph must report income of a. $6,000. b. $5,600. C $5,000. d. $832 e. some other amount. the at the ( ) 7. In April 1976, P purchased Series E bonds at a cost of$5,000. She did nor report the income annually. When the bonds mature in 2017 P will receive $40,000 and will have to report a gain of $35,000. P's tax planning options include a. shifting the $35,000 of income to a year of her choice by exchanging the Series E b. shifting the $35,000 of income to a year of her choice by exchanging the Series E bonds for Series EE and redeeming them at that later date c. d. bonds for Series HH and redeeming them at a later date. There are no remedies: P must report the gain as taxable income. a and b