How much income will avery recognize in 2022 and 2023 from

Reference no: EM133420396

Question: Andy a cash method taxpayer is a physician. In December of 2022, Avery receives 25,000 in checks from his patients, but he does not deposit the money in the bank account until January 7, 2023. How much income will Avery recognize in 2022 nd 2023 from these transactions?

Would your answer change if one of the patients told Andy that the check for 4000 wouldn't clear until January 3 because there were insufficient funds in his bank account until then?

What is the reasoning behind this?

Reference no: EM133420396

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