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CT Computer Corporation,a Cash-Basis Taxpayer,sells Service Contracts on the Computers

Question 44

Multiple Choice

CT Computer Corporation,a cash-basis taxpayer,sells service contracts on the computers it sells.At the beginning of January of this year,CT Corporation sold contracts with service to begin immediately: CT Computer Corporation,a cash-basis taxpayer,sells service contracts on the computers it sells.At the beginning of January of this year,CT Corporation sold contracts with service to begin immediately: The amount of income CT Corporation must report for this year is A) $200. B) $1,000. C) $1,680. D) $5,000. The amount of income CT Corporation must report for this year is


A) $200.
B) $1,000.
C) $1,680.
D) $5,000.

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