A taxpayer's home in California is destroyed by wildfires which have been declared a federal disaster. The home's destruction results in a large casualty loss deduction exceeding the taxpayer's income. The taxpayer will be allowed to carry forward a net operating loss due to this personal loss.
Answer the following statement true (T) or false (F)
True
While most personal deductions are added back in calculating the NOL, personal casualty loss deductions are not.
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One area of U.S. tort cases of concern to international businesses is that they
A. can result in large monetary awards. B. often continue for years and can result in exorbitant legal fees. C. may result in personal embarrassment to corporate officers and require apologies. D. often lead to malfeasance claims against the business.
Independent-demand items are those items for which demand is influenced by market conditions and is not related to inventory decisions for any other items held in stock
Indicate whether the statement is true or false
Organization expenses of a corporation often include legal fees and promoter fees.
Answer the following statement true (T) or false (F)
A penetration pricing policy
A. involves temporary price cuts to speed new products into market. B. is the same as a "meeting competition" price-level policy. C. may be wise if a firm expects strong competition very soon after its product introduction. D. is wise when demand is fairly inelastic-offering an "elite" market. E. involves a series of step-by-step price reductions along an inelastic demand curve.