ACCT 553 STUDY Extraordinary Success/acct553study.com ACCT 553 STUDY Extraordinary Success/acct553study | Page 10

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.
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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?