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18) A sale may be reported on the installment method even though no payments are received...

18) A sale may be reported on the installment method even though no payments are received in the year of sale. True or False

19) Sasha owned an apartment building, but she retained a real estate agent to manage the building and collect rents. Following his usual practice, the agent collected the December 2019 rents and mailed them to Sasha. Sasha did not receive them in the mail until January 3, 2020. Sasha must report the rents in income in 2020. True or False

20) All taxpayers must use the accrual method for sales and cost of goods sold if inventories are an income-producing factor to the business. True or False

21) An accrual basis taxpayer must report rental income received in advance for three years in the year received. True or False

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Answer #1

Ans - 18

False

Ans - 19

True

Ans - 20

True

Ans - 21

False

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