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OTOH, we'll go back to our assumption that friend bills once a month. The payment is income when received. (It's a deductible expense to the payor when mailed, so it's entirely possible for a payment to be legitimately a 2003 expense for the client and 2004 income for friend.)

Oops, I missed this part of your post when I wrote my post scripts. So technically, my friend can claim the income for 2004 without getting the client "in trouble".
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