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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 43P

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Cianci accounting services had solve this accounting questions

Cianci Accounting Services had $100,000 in gross receipts for
the year. It cost the company $35,000 to lease and operate its
offices for the year. The company's landlord gave the company
a $100 monthly discount in return for accounting services. One
client gave the company a computer with a retail price of $2,500
and a fair market value of $2,000 in exchange for accounting
services. Based on these facts, what is the company's gross
income for the year?

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