John is a cash-basis taxpayer. He received the following items of income in December Year 3: The loan on his truck was forgiven because he performed some accounting work for the dealer. He owed $2,000 at the time. He received a retainer of $500 from a new client to guarantee that his services would be available in February when the client would need help preparing financial statements. He finally received the $800 for work he completed in November of Year 1. Required:
How much of this income must John include on his Year 3 tax return?

Which of the following best describes how the federal reserve bank banks during a bank run? a. the federal reserve bank regulates exchanges to prevent the demand for withdrawals from rising above the required reserve ratio. b. the federal reserve bank acts as an insurance company that pays customers if their bank fails. c. the federal reserve bank has the power to take over a private bank if customers demand too many withdrawals. d. the federal reserve bank can provide a short-term loan to banks to prevent them from running out of money. 2b2t

Which of the following is a disadvantage to choosing a sole proprietorship business structure? question 9 options: the owner has personal responsibility for the company's liabilities. the owner has to share the profits with partners. the owner is still liable for personal debts. the owner has to report to shareholders.

You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. recently, you saw that stubhub was listing similar seats for $225 apiece. what does it cost you to attend the concert?