Multiple Choice
Cal (an accrual-basis taxpayer) enters into a ten-year lease on some rental property.In year 1, Cal receives $3,000 as a security deposit, $5,000 for the first year's rent, and $5,000 for the last year's rent.How much income must Cal report in this first year?
A) $5,000
B) $8,000
C) $10,000
D) $13,000
Correct Answer:
Verified
Correct Answer:
Verified
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