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Firm Q operates a cash basis consulting business. In October, Firm Q bllled a client for $25,800 of consulting services. In November, the client settled

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Firm Q operates a cash basis consulting business. In October, Firm Q bllled a client for $25,800 of consulting services. In November, the client settled the bill by paying $11,200 cash and transferring marketable securities worth $14,600 to Firm 0 . Required: How much taxable income does Firm Q recognize on settlement of the bill

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