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How much gross income does chaya report from transaction

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In 2020, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned $48,500. The clients signed notes receivable to Chaya that have a fair market value of $41,225 at year-end. In addition, Chaya sold a 36-month service contract on April 1, 2020, and received payment in full of $23,280.

Problem 1: How much gross income does Chaya report from these transactions in 2020?

Reference no: EM132769238

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