单项选择题

When securities are sold and the securities were purchased on different dates and at different prices.()
I.the basis of the shares may be determined on a first-in,first-out basis.
II.the basis of the shares may be determined on a last-in,first-out basis.

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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1.单项选择题Milroy Company earnings before interest,taxes,depreciation,depletion and amortization is $2,000,000in 2018.Milroy’s gross receipts have always exceeded $40,000,000.Milroy’s interest expense is $800,000.Which of the follow is correct?()

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

3.单项选择题Which of the following statements pertaining to acquiescence and nonacquiescence is not true?()

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D.An announcement of acquiescence may be withdrawn,modified or reversed

5.单项选择题Which of the following taxes paid by Trevor Products,Inc.can be deducted during 2018? I.Real estate taxes. II.Sales tax on purchase of new equipment.()

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct

9.单项选择题Which of the following events is a ’casualty’loss?I.Diamonds stolen by thief,reported to policeII.Florida orange trees killed by a freeze.()

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct