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How much gross income does Chaya report from transactions

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Question - In 2019, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned $78,500. The clients signed notes receivable to Chaya that have a fair market value of $66,725 at year-end. In addition, Chaya sold a 36-month service contract on April 1, 2019, and received payment in full of $37,680. Do not round any division. If required, round your final answer to the nearest dollar. How much gross income does Chaya report from these transactions in 2019?

Reference no: EM132600767

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