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Green Me Up , Inc is a Star Trek themed lawn service that uses the cash method for tax purposes. Green Me Up is hired
Green Me Up Inc is a Star Trek themed lawn service that uses the cash method for tax purposes. Green Me Up is hired by Will Shattner to do some landscaping. Normally, Green Me Up would charge $ for the landscaping services. However, Green Me Up accepts some Star Trek collectibles valued at $ Which of the following is true about this transaction
A
Since Green Me Up is on the cash method, they wont recognize income until the collectibles are sold for cash
B
Green Me Up has to recognize $ of income for the landscaping services and has a $ basis in the Star Trek Collectibles
C
Green Me Up has to recognize $ of income for the landscaping services and has a $ basis in the Star Trek Collectibles
D
Green Me Up cannot accept the Star Trek Collectibles as payment because they are on the cash method
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