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Augustus1 Augustus1
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7 years ago
The Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the month, by the year, or two years in advance. In December 2009, the company collected the following amounts applicable to future services:

Jan 2010 services (monthly contracts)   $10,000
Jan - Dec 2010 services (annual contracts)   50,000
Jan 2010 - December 2011 contracts (2-year contracts)   68,000

If Cable TV wants to report as little income as possible for 2009, what is the amount of gross income that must be reported for 2009?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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7 years ago
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Augustus1 Author
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#2
7 years ago
You're a saint, honestly

Thank you
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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