Fatima inherits a rental property with a fair market value, Ask an Expert

Accounting

Fatima inherits a rental property with a fair market value of $90,000 from her aunt on April 30. On May 15, the executor of the estate sends her a check for $7,000.

A letter accompanying the check states that the $7,000 comes from the rent received on the property since her aunt's death. Fatima receives $6,600 in rent on the property during the remainder of the year and pays allowable expenses of $4,200 on the property.

How much gross income does Fatima have from these transactions?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91954570

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