Which of the following items are included in the computation of a sole proprietorship's taxable income? I. Charitable contributions II. Section 1231 gains and losses III. Investment income and expenses Oa, Only statement II is correct. Ob. Statements I, II, and III are correct. Oc. Only statement III is correct. Od. Only statement I is correct. Oe. None of these statements are correct.
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- Which of the following causes a temporary difference between taxable and pretax accounting income? A. Investment expenses incurred to generate tax-exempt income. B. MACRS used for depreciating equipment. C. The dividends received deduction. D. Life insurance proceeds received due to the death of an executive.Question 18 of 30. Distributable net income (excluding tax-exempt int O Serves as the upper limit on the amount of the Inco O Will always equal fiduciary accounting income. O Usually includes capital gains and losses. Is calculated on Schedule A (Form 1041).Which is false? a. The estate tax is computed based on the net estate or taxable estate. b. The net estate is determined by subtracting from the gross estate the deductions authorized by law. C. Both a" and D d. Neither a" nor "b"
- Regarding 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 true1.The definition of gross income in the tax law is: A. All items specifically listed as income in the tax law B. All cash payments received for goods provided and services performed C. All income from whatever source derived D. All income from whatever source derived unless the income is earned illegally 2.Which of the following is not taxable for income tax purposes? A.Prizes B.Severance pay C.Gifts D.Partnership income E.All of the above are taxable 3.All of the following items are taxable to the taxpayer receiving them, except: A.Life insurance proceeds B.Unemployment compensation C.Embezzled funds D.Prizes E.Gambling winningsWhich of the following is NOT a separately stated item? Section 179 expense deduction. Charitable contributions. Ordinary income (loss) from other partnerships, estates, and trusts. Capital gains (losses).
- 1. In determining whether the taxability of the income is derived from within or without: a. The source of the income is taken into consideration b. The income itself and not the source c. The location of the property d. All of the aboveBack ....... 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 aWhich of the following items affect taxable income? Select one or more: a. Realized Gains and Losses b. Unrealized Gains and Losses c. Interest Income PreviousSave AnswersFinish attempt ...
- 26. Which of the following differences would result in future taxable amounts? * a. Expenses and losses that are O deductible after they are recognized in financial income. b. Revenues or gains that are taxable before they are recognized in financial income. c. Expenses or losses that are deductible before they are recognized in financial income. d. Revenues or gains that are recognized in financial income but are never included in taxable income.a. Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income.It refers to a flow of wealth to the taxpayer which is not treated as part of gross income for purposes of computing the taxpayer’s taxable income. a. Deductions b. Exceptions c. Exclusions d. Any of the above