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Mike operates a fishing outfitter as a real-method sole

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Mike operates a fishing outfitter as a real-method sole proprietorship. On March 1st of this year Mike received $15,000 for three outfitting trips. This is first time Mike agreed to such a payment and he is obligated to outfit one trip per year for next three summers starting this year. How much income must Mike identify in each of the next three years if he is attempting to reduce his tax burden?

Reference no: EM13370798

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