FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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An individual's current year capital loss from investment property not offset against
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- (12) Which of the following would not be included in the corpus or principal of an estate? a. accrued interest and declared dividends on investments held by decedent b. personal valuables c. life insurance proceeds where designated beneficiary is the estate d. all of the above are includedarrow_forwardOne-half of capital gain is treated as taxable capital gain and one-half of capital loss is deductible as allowable capital loss. Question 11 options: True Falsearrow_forwardRecognition of tax benefits in a loss year due to a loss carryforward requires A) the establishment of a deferred tax liability. B) only a note to the financial statements. OC) the establishment of an income tax receivable. OD) the establishment of a deferred tax asset.arrow_forward
- The following relates to the different income components: Employment or loss Business income or loss Property income or loss Capital gain or loss Use the above details to answer questions 11 and 12. What are the most possible sources of income an individual taxpayer could have in a year? Question 14 options: a) i and ii only b) i only c) ii and iv only d) All of the abovearrow_forwardWhich of the following statements is false? When calculating depreciation expense in the year that half-year convention property is sold, the taxpayer is allowed a half year of depreciation expense for the year in which the property is sold When calculating depreciation expense in the year that half-year convention property is sold, the taxpayer is allowed a half quarter of depreciation expense for the quarter in which the property is sold When calculating depreciation expense in the year that realty is sold, the taxpayer is allowed a half month of depreciation expense for the month in which the property is sold When calculating depreciation expense in the year that mid-quarter convention property is sold, the taxpayer is allowed a half quarter of depreciation expense for the quarter in which the property is soldarrow_forwardAn allowable capital loss realized in a year can first be deducted in the current year against taxable capital gain. If any amount of the loss is still not deducted what other options does the taxpayer have? Write-off from current year employment income Forget about the remaining loss Carry back or carry forward to taxable capital gains Carry back or carry forward to all sources of incomearrow_forward
- Statement 1: Proceeds of life insurance received by the beneficiary of the insured is a return on capital. Statement 2: The excess of proceeds over total premiums paid which is received by the beneficiary of the insured decedent is gross income and is taxable. * a. Both statements are true b. Both statements are false c. Only statement 1 is true d. Only statement 2 is truearrow_forwardThe income tax rates are the same for capital gains and depreciation recapture of an asset that is depreciated. O True O Falsearrow_forwardA net operating loss occurs when tax-deductible expenses exceed taxable revenues. Tax laws permit the net operating loss to be used to reduce taxable income in other, profitable years by either a carryback of the loss to prior years or a carryforward of the loss to later years. How are loss carrybacks and loss carryforwards recognized for financial reporting purposes?arrow_forward
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