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On May 1 , 2 0 x 1 , Maggie Mays ( cash basis ) leased property she owned to Tommy Patrick for rent of

On May 1,20x1, Maggie Mays (cash basis) leased property she owned to Tommy Patrick for rent of $500 per month. Tommy paid Maggie $1,000 as a damage deposit which will be returned at the end of the lease term. In addition, Tommy paid Maggie $3,000 as advance rent which is to be applied to rent for the last six months of the lease term. The lease is to run for a one year period beginning on May 1,20x1. What is Maggie's rental gross income for 20x1? Assume that Tommy also made six $500 other rental payments to Maggie during 201.
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