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What should adams year adjusted gross income be

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Reference no: EM132824936

Problem 1: Which of the following taxpayers may use the cash method of accounting?

A. A tax shelter with $10 million in average annual gross receipts.

B. A qualified personal service corporation with $45 million in average annual gross receipts.

C. A C corporation with $40 million in average annual gross receipts.

D. A partnership with a C corporation as a partner and average annual gross receipts of $50 million.

Problem 2: In year 4 Adams, an individual, changed residences and converted her former residence into a passive rental activity. In 20X14 Adams lived in the former residence for 60 days, incurred $7,000 in qualifying expenses preparing the property for rental, and rented it to a tenant for 90 days, receiving $3,000 in rent. Before considering the rental activity, Adams' adjusted gross income for year 4 is $120,000. After considering the rental activity, what should Adams' year 4 adjusted gross income be?

A. $120,000

B. $116,000

C. $118,500

D. $123,000

Reference no: EM132824936

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