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kotykmax [81]
2 years ago
12

In December of Year 4, John (a cash-basis taxpayer) received a $2,000 payment from Tom who signed a year's lease to rent John's

house. The $2,000 payment consisted of the following:
1st Month's Rent (for the month of December, Year 4) $800Last Month's Rent (for the month of December, Year 5) 800Security Deposit (to be returned at end of lease) 400

How much should John include as rental income on his Year 4 tax return as a result of the $2,000 payment?
Business
1 answer:
larisa86 [58]2 years ago
6 0

Answer:

John should include $1,600 as rental income on his Year 4 tax return as a result of the $2,000 payment.

Explanation:

As a cash-basis taxpayer, John's taxable income is based on the actual cash receipts and payments made in the accounting period.  The refundable part of the rent should not be included as rental income since it is a security deposit that would be returned at the end of the lease period.  If John were an accrual-basis taxpayer, the rental income to be included would have been only $800 representing income for Year 4.

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A popular football player at a college who is able to influence the buying decisions of fans would best be described as a <u>opinion leader influence</u>.

Opinion leaders tends to influence the purchase decisions of consumers. Thus, such consumers will view the opinion leader as having a strong degree of knowledge in regards to the product category.

Opinion Leaders are knowledgeable in their field. As, they are respected and trusted by their followers. Their views carry weight and significance. Thus, through this they influence the buying decisions of their fans.

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3 0
1 year ago
A 2001 harris poll of 1011 randomly selected american adults found that 25% were cigarette smokers. a sample of the same size in
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Let p1 be the proportion of American adults that were cigarette smokers in 2001
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h0= p1= p2 (The null hypothesis assumes that there is no difference in the proportion of American adults that were cigarette smokers in 2001 and 1983. 

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3 years ago
All else​ equal, if job turnover has people leaving jobs and finding new jobs in the same​ industry, this will A. increase the d
Salsk061 [2.6K]

Answer:

D. not change demand or supply in the labor market.

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As people is finding new jobs in the same industry, it can be said that there is no evident change in the demand of labor neither in the supply of labor.

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This turnover may be produced by a increase in the demand of labor, but it is being satisfied by people in the same industry.

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3 years ago
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B. n/a (200) 200 200 n/a 200 n/a

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