Chicago Cleaning Services provides nightly janitorial services at a monthly rate of $300. Customers have three payment options: If Chicago Cleaning is a cash basis taxpayer: I. All cash payments are taxable when they are received. II. One-year advance payments may be deferred: $280 would be included in income for each month of service provided.

Question

Chicago Cleaning Services provides nightly janitorial services at a monthly rate of $300. Customers have three payment options:  If Chicago Cleaning is a cash basis taxpayer: I. All cash payments are taxable when they are received. II. One-year advance payments may be deferred: $280 would be included in income for each month of service provided.

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The Answer of Chicago Cleaning Services provides nightly janitorial services at a monthly rate of $300. Customers have three payment options:  If Chicago Cleaning is a cash basis taxpayer: I. All cash payments are taxable when they are received. II. One-year advance payments may be deferred: $280 would be included in income for each month of service provided.

Chicago Cleaning Services Provides Nightly Janitorial Services at a Monthly