6. (CPA) C is a commercial photographer who reports income on the cash basis. So

Question

6. (CPA) C is a commercial photographer who reports income on the cash basis. Some of his current year transactions follow:

Cash fees received for photo                                         $55,000

Golf clubs won at his church raffle (FMV)                              300

Loss on sale of his old golf clubs                                        (100)

Appreciation on investment property                                 1,000

What is C’s gross income?

a. $55,000 b. $55,900   c. $55,300    d. $55,200

Explanation / Answer

d. $55,200

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