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cash basis vs accrual (1 viewing) (1) Guest
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TOPIC: cash basis vs accrual
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tbm1231 (User)
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cash basis vs accrual 7 Years, 7 Months ago Karma: 0  
If am filing a tax return as a cash basis taxpayer and i am entitled to receive interest income on a promissory note during the year, but i dont actually receive the interest income as it was not paid to me, under what circumstances would i need to report the "phantom interest income" as income on the tax return? I think Code section 7872 applies to imputed interest where not interest was negotiated, but what Code section forces you to pick up interest income that was not received?
 
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