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Luke, who retired this year, lives in a four-plex owned by Julie. Luke's income decreased when he retired, and he now has difficulty paying his rent. Julie offered to reduce Luke's rent if he would agree to mow the lawn, wash windows, and provide other maintenance services. Luke accepted, and Julie reduced the monthly rental from $650 to $300. What are the tax issues that should be considered by Luke and Julie?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9945242

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