ACCT 553 Week 3 Quiz
- (TCO A) A taxpayer may litigate a tax dispute without first paying the tax in the:
- (TCO F) A business bad debt is deductible for tax purposes as a(n):
- (TCO I) Under the cash method of tax accounting, tax deductions are generally taken when:
- (TCO A) Which of the following constitutes tax evasion?
- (TCO C) Which of the following items is not subject to federal income tax?
- (TCO B) Sam owes Bob $8,000. Bob cancels (forgives) the debt. The cancellation is not a gift, and Sam is bankrupt. Which of the following statements is correct concerning the impact of this transaction?
- (TCO I) Johnny, a cash basis taxpayer, owns two rental properties. Based on the following information, compute the amount that he must include in his 2012 gross rental income.
- (TCO F) Section 197’s intangible assets, such as patents and trademarks, are amortized for tax purposes over:
- (TCO E) Explain the constructive receipt doctrine.
- (TCO G) Answer the following questions concerning the sources of tax law.