An individual taxpayer uses the cash method. Which of the following transactions results in gross income in 2020? The taxpayer receives a dividend check on December 24, 2020 but does not cash the check until January 5, 2021. The company mails a dividend check on December 30, 2020 but the taxpayer does not receive the check until January 3, 2021. Wages earned in 2020 but not paid as of year-end Stock awarded for services rendered but not vested for 2 years
An individual taxpayer uses the cash method. Which of the following transactions results in gross income in 2020? The taxpayer receives a dividend check on December 24, 2020 but does not cash the check until January 5, 2021. The company mails a dividend check on December 30, 2020 but the taxpayer does not receive the check until January 3, 2021. Wages earned in 2020 but not paid as of year-end Stock awarded for services rendered but not vested for 2 years
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 33P
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An individual taxpayer uses the cash method. Which of the following transactions results in gross income in 2020?
The taxpayer receives a dividend check on December 24, 2020 but does not cash the check until January 5, 2021.
The company mails a dividend check on December 30, 2020 but the taxpayer does not receive the check until January 3, 2021.
Wages earned in 2020 but not paid as of year-end
Stock awarded for services rendered but not vested for 2 years
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