A taxpayer pays points to obtain financing to purchase a second residence. At the election of the taxpayer, the points can be deducted as interest expense for the year paid.
Answer the following statement true (T) or false (F)
False
Rationale: The special rule for the expensing of points applies when a personal residence is involved (i.e., the taxpayer's principal residence).
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Management at the De la Garza Recreational Products has recognized that the firm is much slower than the competition at getting new designs to market. The problem seems to stem from coordination problems between the various functional departments involved in the recreational vehicle design process. De la Garza should
A. improve technical training for employees. B. formalize the division of labor. C. relax its rules and procedures. D. create cross-functional teams for development. E. cancel all social events for employees.
For cost-of-living allowances, the U.S. State Department index
A. is based on costs in Washington, D.C. B. accounts adequately for inflation and currency value changes. C. is suitable for all locations. D. is adjusted frequently.
The extreme use of color, complicated symbols and art techniques, and unusual combinations of typefaces, should be avoided because they can distract and bury relevant data
Indicate whether the statement is true or false
Inventory turnover is ______.
A. a measure of how frequently a business sells its inventory in a given time period B. calculated as the ratio of the cost of goods sold to the average manufacturing cost C. calculated as the ratio of the cost of goods returned by customers to cost of goods sold to customers D. calculated as the product of the cost of goods returned by customers to cost of goods sold to customers