It is presumed that a co-tenancy is a tenancy in common unless there is specific language indicating the intent to establish a joint tenancy
Indicate whether the statement is true or false
T
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On April 2, Reid Inc., a calendar year taxpayer, paid a $750,000 lump-sum price to purchase a business. The appraised FMVs of the balance sheet assets were:Accounts receivable?$ 38,000??Inventory?415,000??Fixtures and equipment? 147,000????$ 600,000??Which of the following statements is false?
A. Reid's amortization deduction for the current year is $7,500. B. Reid may amortize the $150,000 cost for both book and tax purposes. C. Reid must capitalize $150,000 of the cost as purchased goodwill. D. None of the above is false.
Which of the following statements does not describe the responsibilities of a company's internal audit staff?
a. Internal auditors ensure that the company's financial statements have been presented fairly. b. Internal auditors focus on the efficiency with which the organization is run. c. Internal auditors help ensure that the company's policies and procedures are followed. d. Internal auditors prepare the report of management to the company's stockholders.
"Active participation" and "real estate professional" are both exceptions to the general rule for passive activity losses with rental real estate. I.One of the tests that a taxpayer must meet to qualify as a real estate professional is that the taxpayer spend more than 50% of his or her time in real property trades or businesses in which he or she materially participates.II.A taxpayer with an AGI of $190,000 qualifying under the real estate professional exception may deduct an unlimited amount of rental real estate losses.?
A. Only statement I is correct. B. Only statement II is correct. C. Both statements are correct. D. None of the statements are correct.
Producing a desired outward emotional expression without modifying the underlying emotions is known as ______.
A. surface acting B. deep acting C. emotional dissonance D. emotional labor