CPA Tcp Quiz
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INDIVIDUAL TAX COMPLIANCE AND PLANNING
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Ben is a calendar-year, accrual-basis owner of a small retail business (no complex corporate structure). On December 31, 2026, he ships goods to a customer under terms that title and risk of loss pass on shipment; the customer is billed $50,000 and will pay in February 2027. Ben also has $1,600 of interest income and expects a $8,000 long-term capital gain if he sells stock in 2026; he itemizes deductions personally. For the business, when should Ben recognize the $50,000 sales revenue?
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