a. Deductions b. Exceptions c. Exclusions d. Any of the above
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- What is the standard deduction? Explain its relationship to a taxpayers itemized deductions.The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegallyAmounts that are made available to a taxpayer without substantial restrictions are included in gross income under which of the following legal doctrines? Assignment of Income Doctrine Constructive Receipt Doctrine Cohan Doctrine Recovery of Capital Doctrine
- 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"Which of the following is not a from AGI deduction? A. The exclusion of an item of gross income B. Itemized deductions, if taken C. Standard deduction, if taken D. The qualified business income deductionTaxable income differs from financial accounting income in that It requires a change in the taxpayer's net worth It does not require a realization event It always requires the taxpayer to match income and expenses None of the above
- 1. How much is the net taxable income using itemized deductions? 2. How much is the OSD (assuming taxpayer opted to use OSD)? 3. How much is the net taxable income using OSD?what are the differences between the following components of taxable income o Deductions for AGI and deductions from AGI o Gross income and AGI o AGI and taxable income o Tax deduction and tax creditGross income is the aggregate amount remaining after deducting exempt income and allowable deductions. Select one: True False
- Statement 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 trueWhat aree the procedures in the computation of gross taxable income and tax due in the situation or circumstances suggested below: a) Individuals whose earning is purely from compensation income.6. 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 CamScanner