Amy Finch had the following cash receipts during 2007:
|
Net rent on vacant lot used by a car dealer (lessee pays all taxes, insurance, and other expenses on the lot) |
$6,000 |
|
Advance rent from lessee of above vacant lot, such advance to be applied against rent for the last two months of the five-year lease in 2011 |
1,000 |
How much should Amy include in her 2007 taxable income for rent?
- $7,000
- $6,800
- $6,200
- $6,000