Ms.Marple's books and records for 2013 reflect the following information: What is the amount Ms.Marple should include in her gross income in 2013?
One of the requirements that must be met in order to defer recognition of income for advance payments for goods is
A)the taxpayer's method of accounting for the sale for tax purposes is the same as the method used for financial reporting purposes.
B)the goods are on the taxpayer's premises on the last day of the tax year.
C)the goods are produced in the United States.
D)the amount received is more than the taxpayer's cost of the goods.
Which of the following advance payments cannot qualify for income tax deferral?
A)advance collection for services
B)advance collection for merchandise
C)advance collection of rent without associated services
D)advance collection of rent with associated services
Speak Corporation,a calendar year accrual basis taxpayer,sells packages of foreign language lessons to individuals planning to work overseas.In December,2013,it sold and received payment for $600,000 of 24-month lesson packages to be provided evenly through 2014 and 2015.Speak Corporation will recognize the $600,000 of income
A)all in 2013.
B)half in 2014 and half in 2015.
C)all in 2014.
D)all in 2015.