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Ellen
Ellen, Lawyer
Category: Homework
Satisfied Customers: 36714
Experience:  Lawyer, Accountant and Researcher
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1. Pedro agreed to repair a house for a client and started

Resolved Question:

1. Pedro agreed to repair a house for a client and started to work on December 30, 2008. On January 2, 2010, he completed the job and received payment from the client. Pedro must record the income in: (Points : 1)
2008
2010
2009
Both 2009 and 2010


2. Constructive receipt means the taxpayer has: (Points : 1)
Earned the income.
Accrued the income.
Control of the income for his or her use.
a and b.


3. What item should not be included in income? (Points : 1)
Unemployment compensation payments.
Jury duty pay.
Prizes and awards.
Worker's compensation payments.


4. In terms of dollars, wage earning taxpayers will normally pay the majority of their tax liability: (Points : 1)
When they file their tax return
Through withholding from their wages
In the following tax year
In advance in January


5. If an attorney performs some estate tax work for a client and the client agrees to pay $1,000 to him and $2,000 to a local financial institution for a debt the attorney owes, the attorney has income of: (Points : 1)
$3,000.
$2,000.
$1,000.
None of the above
Submitted: 5 years ago.
Category: Homework
Expert:  Ellen replied 5 years ago.
1. Pedro agreed to repair a house for a client and started to work on December 30, 2008. On January 2, 2010, he completed the job and received payment from the client. Pedro must record the income in: (Points : 1)

2010



2. Constructive receipt means the taxpayer has: (Points : 1)

a and b.


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Expert:  Ellen replied 5 years ago.
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