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Examples of income which are constructively received include all of tho following EXCEPT A,
a check received after banking hours B. interest credited to a savings acoount C. a paycheck
received from employer, when employer does not have funds in the bank to cover the check D.
dividends aulomatically roimvested in additional shares of the mutual fund QUESTION 20
Speak Comporation, a calendar year cash basis taxpayer, sells packaging of foreign language
lessons to individuals planning to work overseas. In December 2018 it sold and roceived
payment for $600,000 of 24 month lesson packages to be provided evenly through 2019 and
2020 . Speak Corporasion will recognize the $600,000 of income A. Al in 2019 B. Half in 2019
and half in 2020 C. All in 2020 D. All in 2018 QUESTION 21 Amy's employer provides her
with soveral fringo benefits. Which of the following are included in her taxable income A Group
term lffe insurance premium paid by employer for $40,000 coverage for Anyy B. Employee
discount C. Employer's contribution to retirement plan on Amy's behalt D. Year end bonus
checks

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Examples of income which are constructively received include all of t.pdf

  • 1. Examples of income which are constructively received include all of tho following EXCEPT A, a check received after banking hours B. interest credited to a savings acoount C. a paycheck received from employer, when employer does not have funds in the bank to cover the check D. dividends aulomatically roimvested in additional shares of the mutual fund QUESTION 20 Speak Comporation, a calendar year cash basis taxpayer, sells packaging of foreign language lessons to individuals planning to work overseas. In December 2018 it sold and roceived payment for $600,000 of 24 month lesson packages to be provided evenly through 2019 and 2020 . Speak Corporasion will recognize the $600,000 of income A. Al in 2019 B. Half in 2019 and half in 2020 C. All in 2020 D. All in 2018 QUESTION 21 Amy's employer provides her with soveral fringo benefits. Which of the following are included in her taxable income A Group term lffe insurance premium paid by employer for $40,000 coverage for Anyy B. Employee discount C. Employer's contribution to retirement plan on Amy's behalt D. Year end bonus checks