Hoyt Rented Office Space Two Years Ago to Harris,receiving the First

question 42

Multiple Choice

Hoyt rented office space two years ago to Harris,receiving the first and last months' rent plus a security deposit of $1,000.In early January of this year,Harris moves and Hoyt refunds $250 of the deposit and keeps the remainder to cover $500 which is spent for repairs to the office space and one week of unpaid rent that amounts to $250.How would this information be reflected on Hoyt's tax return this year?

• A)$750 income and $500 deduction
• B)$750 income and no deduction
• C)$250 income and $500 deduction
• D)No income is recognized,but a $250 deduction is allowed.

---

Definitions:

Ethics Mindfulness

The heightened awareness and thoughtful consideration of ethical standards and principles in decision-making processes.

Ethical Manner

Conducting actions and making decisions in ways that are considered morally right and fair by societal standards.

Personal Factors

Encompass individual characteristics such as personality, skills, values, and experiences that influence behavior and attitudes.

Managerial Ethics

The principles and standards governing the conduct of managers in their professional actions, ensuring integrity and fairness in decision-making.