A.Milroy can deduct $800,000of interest expense
B.Milroy can deduct $600,000of interest expense and can carry forward the remaining $200,000indefinitely
C.Milroy can deduct $600,000of interest expense and the remaining $200,000can not be carried forward
D.Milroy can deduct $600,000of interest expense and can carry back the remaining $200,0003years
E.Milroy cannot deduct any interest expense
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Under the deferral method of accounting for advance receipt of revenues,which of the following statements is/are correct?()
I.Receipts of service revenue colleted in advance are included in gross income in the current year to the extent they included in revenue for financial accounting purposes.
II.Receipts of rents and interest collected in advance are included in gross income in the current year to the extent they are included in revenue for financial accounting purposes.
A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct.
A.Acquiescence means the IRS will follow the decision of the court in cases
B.An announcement of nonacquiescence would prevent a taxpayer with similar circumstances from following that court decision
C.The IRS may issue an acquiescence or nonacquiescence to opinions of the Tax Court and other federal court decisions
D.An announcement of acquiescence may be withdrawn,modified or reversed
A.Only statement I is correct
B.Only statement II is correct
C.Only statement III is correct
D.Statements I and II are correct
E.Statements I and III are correct.
A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct
Ferris inherited State of Florida general-purpose bonds worth $2,400from his grandfather in 2016.He received $120interest on the bonds in 2016,2017and 2018.In 2017,he sells the bonds for a gain of $300.Ferris excludes the value of the bonds received and the bond interest,but must include a $300capital gain in his 2018gross income.Which of the following Concepts,Constructs,and/or Doctrines form.the basis for this treatment?()
I.Capital Recovery Concept
II.Legislative Grace Concept
III.Constructive Receipt Doctrine
IV.Realization Concept
A.Statements I and II are correct
B.Statements I and IV are correct
C.Statements II,III,and IV are correct
D.Statements I,II,and III are correct
E.Statements I,II,and IV are correct
Paul won the Nobel Prize for Literature.He is awarded $1,000,000.His tax situation is
I.In general,the award must be included in gross income.()
II.The award may be excluded if he gives it to a qualified charity.
III.The award may be excluded if he gives it to the U.S.Government.IV.Awards for literary achievement are not taxable.
A.Only statement I is correct
B.Only statement II is correct
C.Only statements I,II,and III are correct
D.Only statement IV is correct
E.Only statements I,II,and IV are correct
A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct
A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct
A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct
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B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct
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