34. Katrina, a single taxpayer, obtains permission to change from a calendar year to a...
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34. Katrina, a single taxpayer, obtains permission to change from a calendar year to a fiscal year ending June 30, 2021. During the six months ending June 30, 2021, she earns $40,000 and has $8,000 of itemized deductions. What is the amount of her annualized income? A) $32,000 B) $28,000 C) $64,000 D) $56,000 35. For purposes of the accrual method of accounting, the economic performance test is met when A) the property or services are actually provided. B) the amount of the item can be reasonably estimated. C) all events have occurred that establish the fact of a liability. D) all events have occurred that fix the taxpayer's right to receive income. a
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