With Respect to Income from Services,which of the Following Is

question 26

Multiple Choice

With respect to income from services,which of the following is true?

• A)The income is always amortized over the period the services will be rendered by an accrual basis taxpayer.
• B)A cash basis taxpayer can spread the income from a 24-month service contract over the contract period.
• C)If an accrual basis taxpayer sells a 36-month service contract on July 1,2013 for $3,600,the taxpayer's 2013 gross income from the contract is $600.
• D)If an accrual basis taxpayer sells a 24-month service contract on July 1,2013,one-half (12/24)the income is recognized in 2014.
• E)None of the above.

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