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Author Question: Bart owns 100% of the stock of Octo Corporation, which uses the accrual method. Bart's sister ... (Read 256 times)

2125004343

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Bart owns 100% of the stock of Octo Corporation, which uses the accrual method.  Bart's sister Samantha, a cash method taxpayer, did some advertising work for Octo in November 2016. In December, Octo received a billing statement from Samantha for $5,000 and paid Samantha the $5,000 in January 2017.  Samantha is a calendar year taxpayer. When may Octo deduct the $5,000?
◦ 2016
◦ 2017
◦ Either 2016 or 2017
◦ The expense is not deductible since Samantha is Bart's sister.


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Marked as best answer by 2125004343 on Sep 13, 2020

millet

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2125004343

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review


matt95

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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