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Question Content AreaA cash basis taxpayer purchased a certificate of deposit for $ 1 , 0 0 0 on July 1 , 2 0 2

Question Content AreaA cash basis taxpayer purchased a certificate of deposit for $

1, 000

on July

1, 2024

that will pay $

1, 100

upon its maturity on June

30, 2026 .

The taxpayer must recognize a portion of the income in

2024 .

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