Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 15 Sep 2017 My Price 5.00

cash basis taxpayer

 

 

 

 

 

 

 

 

38.   LO.2, 5 Freda is a cash basis taxpayer. In 2015, she negotiated her salary for 2016. Her employer offered to pay her $21,000 per month in 2016 for a total of

$252,000. Freda countered that she would accept $10,000 each month for  the  12  months in 2016 and the remaining  $132,000  in  January  2017.  The  employer  accepted Freda’s terms for 2016 and 2017.

a.     Did Freda actually or constructively receive $252,000 in 2016?

b.     What could explain Freda’s willingness to spread her salary over a longer period of time?

c.     In December 2016, after Freda had earned the right to collect the $132,000 in 2017, the employer offered $133,000 to Freda at that time, rather than $132,000 in January 2017. The employer wanted to make the early payment so as to deduct the expense in 2016. Freda rejected the employer’s offer. Was Freda in constructive receipt of the income in 2016? Explain.

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Sep 2017 09:09 AM My Price 5.00

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