In December 2016, Mary Collected the December 2016 and January

question 102

True/False

In December 2016, Mary collected the December 2016 and January 2017 rent from a tenant. Mary is a cash basis taxpayer. The amount collected in December 2016 for the 2017 rent should be included in her 2017 gross income.

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Definitions:

Reciprocal

A mutual or two-way exchange or interaction between parties.

Emotional Tie

A deep emotional connection or bond between individuals, often based on love, friendship, or shared experiences.

Basic Trust

A concept in Erik Erikson’s theory of development, referring to the first stage where an infant learns whether or not they can trust that their needs will be met by caretakers.

Basic Mistrust

A term associated with Erik Erikson's stages of psychosocial development, referring to the first stage where infants learn whether or not they can trust the world based on their needs being met.