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Author Question: An electrician completes a rewiring job and is paid $1,000 by the customer in November. The customer ... (Read 68 times)

bobypop

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on: Sep 13, 2020
An electrician completes a rewiring job and is paid $1,000 by the customer in November.  The customer has a small fire in his house and sues the electrician for the repayment of the $1,000 fee plus damages in December.  The electrician reaches a settlement with the customer in the following February and refunds the $1,000 fee.  How should the electrician treat these events when he files his tax return in April?
◦ No income will be reported.
◦ The income will be reported for the year of receipt, and a tax deduction will be claimed on the tax return for the year of repayment.
◦ The income will be reported for the year of receipt, and then an amended return will be filed in the following year to claim the refund.
◦ Both the income and the deduction will be reported on the same tax return (for the year of receipt).
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by bobypop on Sep 13, 2020

billybob123

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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bobypop

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Reply 2 on: Sep 13, 2020
Wow, this really help

olderstudent

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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