Fines and penalties are tax deductible if related to the taxpayer's trade or business.
Answer the following statement true (T) or false (F)
False
Fines and penalties are contrary to public policy.
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Churchill Company planned to raise $100,000 by issuing bonds. The bond certificates were printed bearing an interest rate of 8%, which was equal to the market rate of interest. However, before the bonds could be issued, economic conditions forced the market rate up to 9%. If the life of the bonds is 6 years and interest is paid annually on December 31, how much will Churchill receive from the
sale of the bonds? a. Exactly $100,000 because Churchill Company would still pay interest at the face rate of 8%. b. Less than $100,000 because the market rate of interest at 9% was more than the face rate. c. Greater than $100,000 because the face rate of interest at 8% was less than the market rate. d. The bonds would not be sold at all; Churchill Company would have the certificates reprinted bearing the market rate of 9%.
Instead of spending money on the purchase of data storage devices, a company can contract with a(n) _____ and have all or some of its files stored remotely on the provider's devices.
Fill in the blank(s) with the appropriate word(s).
Which of the following would not result in a permanent difference between pretax financial income and taxable income?
A) Product warranty costs B) Premiums paid for life insurance policies on officers of the company C) Interest revenue received from investments in municipal bonds D) Percentage depletion in excess of cost depletion on wasting assets
________ out of every 10 US consumers owned a smart phone in 2014
A) Two B) Four C) Six D) Eight E) Ten