ACCT 553 Week 3 Homework ES ( Quiz , Set 2 ) FOR MORE CLASSES VISIT www . acct553study . com
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 ) FOR MORE CLASSES VISIT www . acct553study . com
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 ?