Mario operates a business and uses the accrual method of accounting. During 2020, Mario hires his brother, Luigi, who is a cash method taxpayer, to provide counting services to Mario's business, and Luigi completes all his work before year end. In December of 2020, Luigi bills Mario $2,500 for the accounting services but receives only $2,000 in payments from Mario. Determine the amount Mario may deduct in 2020 with regard to the accounting services provided by Luigi. In march 2020, taxpayer sold land he inherited from grandfather earlier that same year. At the date of grandfather's death, grandfather's adjusted basis in the land was $100,000 and the fair values of the land was $150,000. Taxpayer sold the land for $200,000 and paid $5,000 in selling expenses. Determine the amount and character of the gain taxpayer realizes on the sales - $100,000 long-term capital gain - $95,000 short-term capital gain - $95,000 long-term capital gain ~ $45,000 long-term capital gain - $45,000 shortterm capital gain - $100,000 short-term capital gain Taxpayer recognized the following net section 1232 gains and losses during the lifetime of her business. Determine how much of the gain recognized in 2020 must be recharacterized as ordinary income under the 1231 Iook-back-rule. If non. entre 0. .an F W 2013 0 2014 (3,000) 2015 (9,000) 2016 0 2017 0 20 I 8 0 2019 2,000 2020 30,000