RTY is a calendar year corporation. On December 12,RTY billed a client $17,800 for services...
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RTY is a calendar year corporation. On December 12,RTY billed a client $17,800 for services rendered during October and November. It had not received payment by December 31. On December 10 , RTY received a $4,000 check from a tenant that leases office space from the corporation. The payment was for next year's January and February rent. Required: a. If RTY is a cash basis taxpayer, how much income should it recognize from the given transactions this year? If RTY is a cash basis taxpayer, how much income should it recognize from the given transactions this year
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