Carla Meehan, a cash-basis taxpayer, owns the Ritz Regency Apartments, which contain 10 identical units....
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Accounting
Carla Meehan, a cash-basis taxpayer, owns the Ritz Regency Apartments, which contain 10 identical units. Carla and her husband, Charles, live in Apartment 1 and rent out the remaining apartments. Income and expenses for the current year were reported by their accountant as follows: Gross rental income $37,800 Depreciation of building $12,500 Maintenance and repairs 3,750 Utilities 4,250 Interest and taxes 500 Total expenses $21,000 What amount of net rental income should be reported by Carla and Charles for the current year? Group of answer choices $37,800 $17,300 $16,800 $18,900
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