A taxpayer supports an elderly relative who satisfies the Sec. 152 criteria for "qualifying relative." The taxpayer may claim a $500 tax credit.
Answer the following statement true (T) or false (F)
True
Effective in 2018, a $500 nonrefundable credit for "qualifying relatives" under Sec. 152 is available.
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Nadal Company On October 1, 2012, Nadal Company received a $50,000 promissory note from Borg Company. The annual interest rate is 6%. Principal and interest will be collected in cash at the maturity date of September 30, 2013. Refer to the information provided for Nadal Company. An adjusting entry for Nadal's year end, December 31, 2012 needed to:
A) increase interest revenue by $2,250 B) increase notes receivable by $750 C) increase interest receivable by $750 D) increase notes receivable by $2,250
Analytical reports present data without analysis or recommendations
Indicate whether the statement is true or false
The Lujan v. Defenders of Wildlife case involved:
a. the doctrine of standing. b. the issue of whether an agency action violated the Administrative Procedure Act. c. interpretation of an administrative regulation. d. enforcement action on the part of an agency and whether the demand for information was sufficiently specific and not unreasonably burdensome.
Before using activity-based costing (ABC), managers must apply the cost-benefit principle to the additional recordkeeping costs associated with ABC.
Answer the following statement true (T) or false (F)