Essay About Tco A And Tco F

Tax Accounting
(TCO A) A taxpayer may litigate a tax dispute without first paying the tax in
0 U.S. District Court .
.; @ U.S. Tax Court.
0 U.S. Court of Federal Claims.
0 All of the above
(TCO F) A business bad debt is deductible for tax purposes as a(n):
.; @ ordinary business deduction.
0 short-term capital loss.
0 long-term capital loss.
0 miscellaneous itemized deduction.
(TCO I) Under the cash method of tax accounting, tax deductions are
generally taken when:
0 the liability arises .
.; @ payment is made.
0 the expense is actually incurred.
0 None of the above
(TCO A) Which of the following does not constitute tax evasion?
0 Arranging your affairs to keep your tax liability as low as possible under
the tax law
0 Trying to legitimately maximize profits
0 Trying to legitimately minimize your tax liability
.; @ All of the above
(TCO C) Which of the following items is not subject to federal income tax?
0 Interest on U.S. Treasury bonds
0 Gambling winnings
0 Interest on loans made