Speak Corporation,a calendar-year,cash-basis taxpayer,sells packages of foreign language lessons to individuals planning to work overseas.In December 2019,it sold and received payment for $600,000 of 24-month lesson packages to be provided evenly through 2020 and 2021.Speak Corporation will recognize the $600,000 of income

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As a cash-basis taxpayer, Speak Corporation recognizes income when it receives payment. Since the payment was received in December 2019, the entire $600,000 is recognized as income in 2019.

Speak Corporation,a Calendar-Year,cash-Basis Taxpayer,sells Packages of Foreign Language Lessons to Individuals