Richard,a cash basis taxpayer,is an 80% owner and president of WLFI TV.WLFI TV is an S corporation and uses the accrual method of accounting.On December 1,2017,WLFI TV accrues a bonus of $50,000 to Richard.The bonus is payable on January 31,2018.In what year does Richard report the income and WLFI TV take the deduction?
Richard WLFI TV

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The Answer of Richard,a cash basis taxpayer,is an 80% owner and president of WLFI TV.WLFI TV is an S corporation and uses the accrual method of accounting.On December 1,2017,WLFI TV accrues a bonus of $50,000 to Richard.The bonus is payable on January 31,2018.In what year does Richard report the income and WLFI TV take the deduction?
Richard WLFI TV

Richard,a Cash Basis Taxpayer,is an 80% Owner and President of WLFI