A cash basis taxpayer must include as income the proceeds from the sale of an account receivable to a collection agency.

Name: A cash basis taxpayer must include as income the proceeds from the sale of an account receivable to a collection agency.
Brand: Quizplus
Rating: 4.9 (56 reviews)

Question

Quizplus · Accepted Answer

A cash basis taxpayer must include as income the proceeds from the sale of any asset, including an account receivable, when the taxpayer receives the cash or other consideration in exchange for the asset.

A Cash Basis Taxpayer Must Include as Income the Proceeds