1. Determine the proper tax year for gross income inclusion in each of the following...
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1. Determine the proper tax year for gross income inclusion in each of the following cases. Anderson Corporation, an exterminating company, is a calendar year taxpayer. It contracts to provide service to homeowners once a month under a one-, two-, or three-year contract. On October 1, 2017 the company sold a customer a three-year contract for $360. How much of the $360 is taxable in 2017? In 2018? In 2019? In 2020? a. The taxpayer is in the office equipment rental business and uses the accrual basis of accounting. In December he collected $8,000 which covers the rental for the following January. When is the $8,000 taxable? b
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