Business, 14.02.2020 06:13 itscheesycheedar

Ivory Fast Delivery Company, an accrual basis taxpayer, frequently has claims for damages to property the company delivered. Often the claim is not filed until a month after the delivery. In the past, approximately 80% of the claims are paid by Ivory. In 2017, claims for $80,000 were filed. The company refused to pay $20,000 of the claims (because they were not valid), and paid $50,000 . The
remaining $10,000 in claims were processed and paid in January 2018 . Also, in January 2018, claims for $8,000 were filed for deliveries made in 2017, and $6,000 was paid on these claims by March 15, 2018 . Ivory has not elected to use the recurring item exception to economic performance. Under the all-events and economic performance tests, Ivory can accrue as an expense for 2017:
a. $68,000.
b. $66,000.
c. $60,000.
d. $50,000.
e. None of the above.

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Ivory Fast Delivery Company, an accrual basis taxpayer, frequently has claims for damages to propert...

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