================================================== ACCT 553 Week 3 Homework ES( Quiz Set 2)
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4.( TCO A) Which of the following constitutes tax evasion? 5.( TCO C) Which of the following items is not subject to federal income tax? 6.( 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? 7.( 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. 8.( TCO F) Section 197 ' s intangible assets, such as patents and trademarks, are amortized for tax purposes over: 9.( TCO E) Explain the constructive receipt doctrine. 10.( TCO G) Answer the following questions concerning the sources of tax law.
================================================== ACCT 553 Week 3 Homework ES( Quiz Set 2)
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1. A business bad debt is deductible for tax purposes as a( n): Your Answer:
2. Which of the following items is not subject to federal income tax?
3. Sam owes Bob $ 8,000. Bob cancels( forgives) the debt. The cancellation is not a gift and Sam is neither insolvent nor bankrupt. Which of the following statements is correct concerning the impact of this transaction?