19. If an individual renders services to a creditor who in consideration thereof cancels the debt, the cancellation of indebtedness may,amount to a: a. Gift С. Donation inter vivos b. Capital contribution d. Payment of income
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- If an individual renders services for a creditor who in consideration thereof cancels his existing debt, the cancellation of indebtedness may amount to a Gift Donation intervivos Payment of income Capital contributionIdentify which is taxable? A. Proceeds of life insurance received by heirs B. Excess amount received over premiums paid by insured upon surrender of policy C. Compensation for personal injuries of an employee D. Indemnification for moral damages2) Explain the conditions under which the following may be taxable: a. Scholarships and bursaries b. Gamblingc. Maintenance payments (alimony, palimony, maintenance or separation allowance)
- 1- A loan borrowed by an individual secured against the personal property is. a. Character b. Conditions c. Capital d. CollateralFor an accrual basis taxpayer, which of the following statements is TRUE regarding prepaid income? a.Group of answer choices b.Prepaid dues & subscriptions are recognized immediately c.Prepaid rent is recognized immediately d.Prepaid royalties are recognized when earned e.Prepaid interest is recognized as it is earned12. fiduciary activities to generate is a type of expense, interest income O income, non interest income O expense, interest expense O income, non interest expense
- Which of the following is considered or construed as an example of "constructive receipt"? a.Retirement benefits, pensions, gratuities b.Deposits for rentals to answer for damages, restricted as to use c.Interest coupons that have matured and are payable but have been cashed d.Fees paid to a public officialBe able to calculate outside basis (or sometimes called Partner Basis) on contribution. “Basis given is Basis Received” How is cash treated? How is property treated, especially if there is property with a gain contributed? How is property that is encumbered with debt dealt with in outside basis calculations?Under PAS 26 (Accounting and Reporting by Retirement Benefit Plans), investments held by retirement benefit plans should be stated at which of the following value in their statement of net assets? Fair Value Value in use Net Realizable Value Orig cost less impairment
- a. What is the difference between distributing property per capita and per stirpes? When would a per stirpes distribution be required? what are two ways in which the duties of an administrator differ from those of an executor? Must the grantor, trustee, and beneficiary of a trust all be different people? What formalities must be followed to create a testamentary trust?Identify each of the following items as a capital expenditure (C), an immediate expense (E), or neither (N). question 42 attached in ss thanks for help appreicated riwjgoihjwoi wtiohwQuestion 5 If an individual performs services for a creditor who in consideration therefor cancels the debt, the cancellation of indebtedness may amount to A gift A donation inter-vivos A capital contribution A payment of income Question 6 The following income received by officials and employees in the public sector are not subject to income tax and withholding tax on compensation, except