Which of the following statements is not correct regarding the compliance requirements of an involuntary conversion?
A. The taxpayer elects the deferral by not reporting the gain as income for the first year in which the gain is realized although all relevant information regarding the event will be reported.
B. A taxpayer who recognized the full gain and paid the taxes can later file a refund claim to elect the deferral if qualified property is acquired before the expiration of the replacement period.
C. A taxpayer properly elected to defer the full realized gain in year one and provides appropriate information on the replacement property. The taxpayer cannot later revoke the election and designate a different property as the replacement property.
D. A taxpayer elects to defer the full gain in the year the gain is realized (year one), and no gain is reported on that year's tax return. Qualified replacement property is acquired in the following year (year two), but the full insurance proceeds are not spent so some gain must be recognized. The partial gain recognition will be reported on the tax return for year two.
Answer: D
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Concerning the "universal functions of marketing," which of the following statements is FALSE?
A. Responsibility for performing these functions cannot be shared. B. From a micro viewpoint, not every company must perform every function. C. From a macro viewpoint, all these functions must be performed by someone. D. These functions can be performed by producers, intermediaries, collaborators, or consumers.
For a segment to meet the ________ criterion of usefulness, the marketer must be able to formulate effective programs for attracting and serving the segments
A) measurable B) substantial C) accessible D) differentiable E) actionable
The owner of a computer services business acquired a new computer costing $5,000 by establishing an account with the computer supplier, Com Pewters Unlimited. There was no down payment. Recording the transaction will:
a. increase an asset, increase a liability. b. decrease an asset, decrease a liability. c. increase an asset, increase owner's equity. d. decrease an asset, decrease owner's equity. e. increase one asset, decrease another asset.
Research indicates that investors who closely monitor their portfolios and trade quickly in response to minor fluctuations in price
A) outperform those who hold investments for the long-term and trade infrequently. B) underperform those who hold investments for the long-term and trade infrequently. C) earn rates of return similar to those who hold investments for the long-term and trade infrequently. D) be more highly educated and in higher income brackets than those who hold investments for the long term and trade infrequently.