Income Concepts (LO. 4) Determine the realized income of the taxpayer in each of the following situations. If an amount is zero, enter "0". a. Alfredo owns a one-third interest in Bayou Partnership. During the current year, Bayou's taxable b. C. d. income is $45,000. Janet owns a pest-control service. She charges customers $50 per month for basic pest control. Alternatively, customers can pay a lump sum of $500 for one year of basic monthly pest control. During the current year, Janet receives $13,000 in monthly payments and $26,000 in 1-year prepayments. Monte owns 1,000 shares of Ali, Inc., common stock. During the current year, All declares and distributes a 20% stock dividend. As a result, Monte receives an additional 200 shares of stock. Rogers Trucking Company owes Big Truck Sales, Inc., $200,000 for the purchase of 3 trucks. Rogers is having a bad year and is unable to make full payment on the debt to Big Truck. Rather than foreclose on Rogers, Big Truck reduces the debt to $170,000 so that Rogers can stay in business. Check My Work