Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450. Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
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Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450.

Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.)

 

Problem 5-53 Part-a (Algo)

a. Paylate Corporation wrote the check and put it in Clyde’s office mail slot on December 30 of this year, but Clyde did not bother to stop by the office to pick it up until after year-end.

Amount to be included in gross income - _______

 

 

 
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