Problem
Mark Mayer, a cash basis taxpayer, leased property on June 1, 2012 to Perry Purly at $325 a month. Perry paid Mark $325 as a security deposit, which will be returned at the end of the lease. In addition, Perry paid $650 in advance rent, which is to be applied as rent to the last two months in the lease term. The lease is to run for a two-year period. What is Mark's rental income for 2012?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.