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How much income or loss alexandria and charlesco recognize

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Question: Alexandria and CharlesCo are both accrual-method taxpayers. Alexandria owns all the stock of CharlesCo. Alexandria supplied services to CharlesCo and accrued income there from (represented by bookkeeping entries of accounts receivable and payable) of $10,000; CharlesCo deducted $10,000. Later, Alexandria forgave the account owing in return for stock of CharlesCo worth $6,000. How much income or loss must Alexandria and CharlesCo recognize? What would result if CharlesCo was on the cash method of accounting and had not deducted the $10,000?

Reference no: EM131752456

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