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On December 30, 2019, POR Inc. (accrual basis) performed $1,000 worth of plumbing work for STU restaurant. As compensation, PQR accepted STU's $1,000 note payable
On December 30, 2019, POR Inc. (accrual basis) performed $1,000 worth of plumbing work for STU restaurant. As compensation, PQR accepted STU's $1,000 note payable due in six months. The fair market value of the note is $950. How much Income should PQR include in its 2019 return? $0 $1,000 $950 $875
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