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25.
S1: Proof of deductions is mandatory.
S2: Deductions are liberally construed in favor of the taxpayer.
S3: All deductions are based on actual expenses incurred.
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- S1: Proof of deductions is mandatory. S2: Deductions are liberally construed in favor of the taxpayer. S3: All deductions are based on actual expenses incurred. Group of answer choices c. Only S3 is true d. All is false b. Only S2 is true a. Only S1 is true6. There is no taxable income until such income is recognized. Taxable income is recognized when the (BEQ) a. taxpayer fails to include the income in his income tax retum. b. income has been actually received in money or its equivalent. income has been received, either actually or constructively. d. transaction that is the source of the income is consummated. CS Scanned with CamScannerStatement 1: Exclusions pertain to the computation of gross income, while deductions pertain to the computation of net income. Statement 2: Exclusions are something received or earned by the taxpayer which do not form part of taxable gross income, while deductions are something spent or paid in earning gross income. a. Both statements are true b. Both statements are false c. Only statement 1 is true d. Only statement 2 is true
- 1. Which is NOT true?a. Deductions partake the nature of an exemptionb. Exemptions are strictly construed against the taxpayerc. Exemptions are liberally interpreted in favor of the taxpayerd. If tax law is vague, it benefits the taxpayerb. Should Daniel itemize his deductions from AGI or take the standard deduction?Because Daniel's total itemized deductions (after any limitations) are_______, he would benefit from ___Back ....... covers exemptions resulting from the status of the taxpayer and exemptions based on the nature of income. OA. Section 10 OB. Section 8 OC. Section 1 OD. Section 11 Previous page Type here to search 道 a
- Section 6-5 of ITAA 1997: a. Both (A) and (B) are correct. b. Seeks to assess the taxpayer’s income when it is received. c. Seeks to assess the taxpayer’s income when it is derived. d. Both (A) and (B) are incorrect.a. Define the term constructive receipt. Explain its importance. b. Explain three restrictions on the concept of constructive receipt. a. Define the term constructive receipt. Explain its importance. C O A. Under the concept of constructive receipt, income is taxed once earned but not received by the cash-basis taxpayer. The taxpayer cannot defer the tax by refusing to accept payment. OB. Under the concept of constructive receipt, income is taxed when it becomes available to the taxpayer. The taxpayer cannot defer the tax by refusing to accept payment. O C. Under the concept of constructive receipt, income is taxed once earned and received by the cash-basis taxpayer. The taxpayer can defer the tax by refusing to accept payment. O D. Under the concept of constructive receipt, income is taxed when it is received by the taxpayer. The taxpayer can transfer the income to another person to avoid paying taxes.All are true except: a. OSD is a substitute for itemized deduction. b. The OSD relieves the taxpayer of the responsibility to deduct withholding taxes. c. Taxpayers who choose OSD are not required to submit their financial statements with their ITR. d. The option to claim OSD must be signified in the income tax return, otherwise, itemized deduction is presumed
- 1.Which is NOT true? a.Deductions partake the nature of an exemption b. Exemptions are strictly construed against the taxpayer c.Exemptions are liberally interpreted in favor of the taxpayer d. If tax law is vague, it benefits the taxRegarding the calculation of realized Gain or Loss, which of the following are true: O A. If the amount realized exceeds the property's adjusted basis, the result is a realized gain. O B. If the property's adjusted basis exceeds the amount realized, the result is a realized loss. O c. The amount realized from a sale or other disposition of property is the sum of any money received (which includes any debt relief) plus the fair market value of other property received. O D. The fair market value is reduced by selling expenses such as advertising, commissions, and legal fees associated with the sale or other disposition. O E. All of the above are true OF. None of these are true OG. A, B are true OH, B, C, D are true OI. A, B, C are true OJ. B & D are true OK. C & D are truea. Define the term constructive receipt. Explain its importance. b. Explain three restrictions on the concept of constructive receipt. a. Define the term constructive receipt. Explain its importance. O A. Under the concept of constructive receipt, income is taxed once earned but not received by the cash-basis taxpayer. The taxpayer cannot defer the tax by refusing to accept payment. B. Under the concept of constructive receipt, income is taxed when it becomes available to the taxpayer. The taxpayer cannot defer the tax by refusing to accept payment. O C. Under the concept of constructive receipt, income is taxed once earned and received by the cash-basis taxpayer. The taxpayer can defer the tax by refusing to accept payment. O D. Under the concept of constructive receipt, income is taxed when it is received by the taxpayer. The taxpayer can transfer the income to another person to avoid paying taxes. b. Explain three restrictions on the concept of constructive receipt. Income is not…