A taxpayer is selling land held for investment purposes. Payments will be received under the terms of a five-year installment note. Which of the following circumstances would suggest consideration of an election out of the installment method?
A) A taxpayer currently works full-time but next year will start a two-year leave from work while pursuing an MBA degree.
B) A taxpayer has a substantial capital loss carryforward.
C) A taxpayer plans to reduce her employment to part-time next year when she has her first child. She believes she will continue part-time until the child starts kindergarten.
D) Installment sale treatment is mandatory.
B) A taxpayer has a substantial capital loss carryforward.
The tax savings from the carryforward can be realized currently if there are capital gains this year.
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A) product-communications extension B) product extension-communications adaptation C) product adaptation-communications extension D) dual adaptation E) product invention
All audit procedures must be completed before year end
a. True b. False Indicate whether the statement is true or false
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A. Behavior; results B. Trait; behavior C. Results; behavior D. Trait; results E. Behavior; trait
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A) 100%. B) 0%. C) -100%. D) Not enough information given to determine.