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:

American West

A region of the United States west of the Mississippi River, historically known for its frontier culture, exploration, and expansion during the 19th century.

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s to help recover from the Great Depression.

Deforestation

The large-scale removal of forests, which results in the loss of biodiversity, contributes to global warming, and negatively impacts the livelihoods of indigenous populations.

Public Works Projects

Large-scale, publicly funded construction projects aimed at advancing infrastructure such as roads, bridges, and schools, often to stimulate job creation and economic growth.