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Firm Q operates a cash basis consulting business. In October. Firm Q billed a client for $27,000 of consulting services. in November. the client settled

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Firm Q operates a cash basis consulting business. In October. Firm Q billed a client for $27,000 of consulting services. in November. the client settled the bill by paying $11,800 cash and transferring marketable securities worth $15,200 to Firm Q. Required: How much taxable income does firm Q recognize on settlement of the bili

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