Bob Buttons, a cash basis calendar year taxpayer, owns and operates an apartment building. During 2012, he received the following payments: What is the amount of Bob's gross rental income for 2012?

Question

Bob Buttons, a cash basis calendar year taxpayer, owns and operates an apartment building. During 2012, he received the following payments:  What is the amount of Bob's gross rental income for 2012?

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It is important to note that the Revenue Reconciliation Act of 1993 (P.L. 103-66) repealed the stock-for-debt exception to the rules on cancellation-of- indebtedness income for insolvent and bankrupt corporations, and also added minimum tax credit carryovers and passive activity loss and credit carryovers to the tax attributes that must be reduced when a taxpayer excludes discharge of indebtedness income

Bob Buttons, a Cash Basis Calendar Year Taxpayer, Owns and Operates