How much income will joanne recognize for tax purposes

Reference no: EM133420394

Question: Joe is an accrual method taxpayer. She owns an apartment and enters into a lease on Nov 15 2022, for the 2023 year. The tenant prepays the rent in November for the entire year. The amount of the rent is $48,000. She also sells services and she has entered into a contract with larry to perform the services. The contract overs the period from May 1, 2022 through April 30, 2024. The fees for the services are earned on a monthly basis. Joe received 24,000 from Larry in 2022 as a prepayment for the services. How much income will Joanne recognize for tax purposes in 2022 from these transactions? how about in 2023? how about in 2024?

Reference no: EM133420394

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