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Mark Mayer, a cash basis taxpayer, leased property on May 1, 2012 to Perry Purly at $325 a month. Perry paid Mark $325 as a
Mark Mayer, a cash basis taxpayer, leased property on May 1, 2012 to Perry Purly at $325 a month. Perry paid Mark $325 as a security deposit, which will be returned at the end of the lease. In addition, Perry paid $650 in advance rent, which is to be applied as rent to the last two months in the lease term. The lease is to run for a one-year period. Perry also made 6 other $325 payments in 2012. What is Mark's rental income for 2012?
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