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How much income does martha report in year 1

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Reference no: EM13314612

In year 1, Lauderhill Corporation issues three-year bonds. Martha, a cash basis taxpayer, purchased a $10,000 bond at its issue price of $7,000. In year 1, $840 of the interest accrues.

How much income does Martha report in year 1?

Reference no: EM13314612

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