All of the following are common tax elections except for Election of overall accounting method. Election to expense a portion of organizational and start up costs. Election to expense entertainment. Election to expense tangible personal property
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All of the following are common tax elections except for Election of overall accounting method.
Election to expense a portion of organizational and start up costs.
Election to expense entertainment.
Election to expense tangible personal property
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- Which of the following types of expenses is deductible? Group of answer choices A.Bribes & Illegal Kickbacks B.Expenses related to Tax-Exempt Income C.Political Contributions D.Contingency Attorney FeesWhich of the following causes a temporary difference between taxable and pretax accounting income? A. Investment expenses incurred to generate tax-exempt income. B. MACRS used for depreciating equipment. C. The dividends received deduction. D. Life insurance proceeds received due to the death of an executive.Which 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.
- This refers to the process of taxation to determine the amount of tax based on existing tax laws. a. Levying b. Imposition C. Assessment D. CollectionSome 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 insuranceHow is Gross Income defined in the Tax Code and what are the implications to individual and business taxpayers? Name several examples of gross income for individuals and for corporations. Also, discuss the concept of Adjusted Gross Income for Individuals and provide two examples of deductions from gross income to arrive at AGI as well as two examples of deductions from AGI to get to taxable income. What are the three fundamental and general requirements in order to deduct business expenses for tax purposes? What is your opinion of these general requirements and support that opinion?
- describe the diff erences between accounting profi t and taxable income, and defi ne key terms,including deferred tax assets, deferred tax liabilities, valuation allowance, taxes payable, andincome tax expense;A major objective of MACRS is to: O A. Ensure that the amount of cost recovery for tax purposes will be the same as book depreciation. B. Reduce the amount of the cost recovery deduction on businesses tax returns. C. Help companies achieve a faster write-off of their capital assets. D. Require companies to use the actual economic lives of assets in calculating cost recovery for tax purposes.A company as a tax entity will___________. Select one: a. pay either companies tax or secondary tax on companies b. be exempt from value added tax if secondary tax on companies was paid in that cycle c. be taxed according to scale based on income d. have to register as a provisional taxpayer
- The amount of tax assessed by the ATO based on the entity's operations for the period will be reflected in which account? a. Income tax expense b. Deferred tax asset c. Deferred tax liability d. Income tax payable e. None of the aboveFor federal income tax purposes, the difference between the total income and total expenses reported by a C corporation may be referred to as what type of income?Indicate 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, ASset
