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Kate is an accrual basis, calendar-year taxpayer. On November 1, 2012, Kate leased out a building for $4,000 a month. On that day Kate received 6 months rental income on the building, a total of $24,000 ($4,000 ´ 6 months). How much income must Kate include on her 2012 tax return as a result of this transaction?

Select one:

a. $24,000

b. $4,000

c. $16,000

d. None of the above

e. $8,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946074

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