Which of the following statements regarding commercial tax services is false?
A. Consulting a commercial tax service is typically the final step rather than a preliminary step in the tax research process.
B. Commercial tax services organize information about primary authorities in a manner that facilitates tax research.
C. Commercial tax services contain both primary authority and secondary authority.
D. Commercial tax services explain and interpret the tax law.
Answer: A
You might also like to view...
Solvency is the company's ability to pay its current debts when they become due
a. True b. False Indicate whether the statement is true or false
The __________ describes the organization's reason for existence.
Fill in the blank(s) with the appropriate word(s).
A(n) ________, a neutral third party, is usually called in to resolve any conflict that may arise over the interpretation of a collective bargaining agreement contract.
A. arbitrator B. mediator C. union representative D. management spokesperson E. picketer
Assume that the facts provided above with respect to the Jinxtor joint venture remain unchanged except that John receives $200,000 in return for investing its plant and equipment. What would be the amount of the unrealized gain?
John Inc and Victor Inc. formed a joint venture on January 1, 2016. John invested plant and equipment with a book value of $500,000 and a fair value of $800,000 for a 30% interest in the venture which was to be called Jinxtor Ltd. Victor contributed assets with a fair value of $2,000,000 (including $200,000 in cash) for its 70% stake in Jinxtor. Jinxtor reported a net income of $3,000,000 for 2016. John's plant and equipment were estimated to provide an additional 5 years of utility to Jinxtor. The transactions set out above were considered to be of commercial substance. A) Nil B) $67,500 C) $225,000 D) $142,500