Child support is
A) deductible by both the payor and the payee.
B) deductible by the payor and included in income by the payee.
C) included in income by the payor and deducted by the payee.
D) an item which does not affect the payor's or the payee's tax reporting.
D) an item which does not affect the payor's or the payee's tax reporting.
The Code specifically excludes child support from taxable income and does not specifically allow a deduction for child support paid.
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Anchor Company sold merchandise with a cost of $560 to a customer for $890 on account. Due to an error, this sale was never recorded in the accounting records. What effect will the failure to make the necessary entries have on the company's financial statements?
A. Total assets and total stockholders' equity will be understated. B. Total assets will be overstated and total stockholders' equity will be understated. C. Total assets and total stockholders' equity will be overstated. D. The financial statements will not be affected.
Which of the following devices receives signals from orbiting satellites that transmit time and location data?
A) electronic data interchange system B) wireless scanner C) global positioning systems device D) RFID chip
Most systems developers believe that data modeling is the least important part of the systems development process
Indicate whether the statement is true or false
All of the following statements are true about corporate reorganization except:
a. Taxable amounts for shareholders are classified as a dividend or capital gain. b. Reorganizations receive treatment similar to corporate formations under § 351. c. The transfers of stock to and from shareholders qualify for like-kind exchange treatment. d. The value of the stock received by the shareholder less the gain not recognized (postponed) will equal the shareholder's basis in the stock received. e. All of the above statements are true.