SWFT Corp Partner Estates Trusts
42nd Edition
ISBN: 9780357161548
Author: Raabe
Publisher: Cengage
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Students have asked these similar questions
Which of the following is not a from AGI deduction?
A. The exclusion of an item of gross income
B. Itemized deductions, if taken
C. Standard deduction, if taken
D. The qualified business income deduction
Gross income is the aggregate amount remaining
after deducting exempt income and allowable
deductions.
Select one:
True
False
In computing the taxable gross income of a taxpayer engaged in business and/or profession, what is deducted from his total sales or revenue?
a. Non-taxable business income
b. Cost of goods sold or services rendered
c. Both a and b
d. Allowable deductions
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- Label the following as "True" or "False" regarding the definition of business income as it is used in limiting the § 179 expensing amount. a. The taxable income computation for purposes of the § 179 limit includes the deduction for MACRS. b. Taxable income of a trade or business is computed without regard to the amount expensed under § 179. c. The aggregate amount of taxable income includes net income from a trade or business as well as from the production of income activities. d. The taxable income computation for purposes of the § 179 limit excludes the deduction for additional first-year depreciation.arrow_forwardWhich of the following items affect taxable income? Select one or more: a. Realized Gains and Losses b. Unrealized Gains and Losses c. Interest Income PreviousSave AnswersFinish attempt ...arrow_forwardIndicate the type of Deferred Tax account created by Prepaid Expenses and Accrued Revenues, respectively. Select one: O a Asset Asset Ob. Liability, Liability Oc Asset, Liability O d. Liability, ASsetarrow_forward
- what are the differences between the following components of taxable income o Deductions for AGI and deductions from AGI o Gross income and AGI o AGI and taxable income o Tax deduction and tax creditarrow_forwardSome items are treated as a deduction for tax purposes when they are paid but are recognised as expenses when they are accrued for accounting purposes. Which of the following items are of that type? a. Warranty costs b. Goodwill impairment c. Fines d. Entertainment expenses e. Prepaid insurancearrow_forwarddistinguish between temporary and permanent diff erences in pre-tax accounting incomeand taxable income;arrow_forward
- 1. In determining whether the taxability of the income is derived from within or without: a. The source of the income is taken into consideration b. The income itself and not the source c. The location of the property d. All of the abovearrow_forwardWhich option is the correct definition of tax base? Select one: a. Tax base is the amount the asset or liability is recorded at in the accounting records. b. Tax base is a comparing the balance sheet derived using accounting rules with balance sheet that would be derived from taxation rules c. Tax base is the recognition of assets and liabilities in the balance sheet based on the differences between accounting and tax values of assets and liabilities. d. Tax base is defined as the amount that is attributed to an asset or liability for tax purposes.arrow_forwardI. Compensation and business income are returnable income that are subject to final income tax. II. When a taxable income is subjected to final tax, that income shall be excluded in the computation of taxable net income subject to basic income tax under the graduated tax rate. a. TT b. FF c. TF d. FTarrow_forward
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