Doug, a self-employed consultant, has been a firm believer in maintaining a paperless office. Unfortunately, he recently lost all of his business records in a ransomware attack, and his backup system was also compromised. Which of the following cases should Doug investigate to better understand substantiation requirements for business expenses?
A) the tax benefit rule
B) the Corn Products doctrine
C) the Cohan rule
D) the Arkansas Best doctrine
C) the Cohan rule
Under the Cohan rule, the courts will allow a deduction that is not properly substantiated by the taxpayer if an expenditure clearly has been made. The Cohan rule will not apply to all categories of expenses such as travel and entertainment.
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Which of the following is/are true?
a. The seller measures revenue as the amount of cash, or the cash-equivalent value of other assets, that it receives from customers. b. The seller measures revenue amounts as the exchange price between buyer and seller at the time of sale. c. If the firm has not performed all of its obligations, it may make adjustments in the form of sales discounts and allowances. d. If the firm has not performed all of its obligations, it may make adjustments in the form of sales returns. e. all of the above are true
Use contractions to establish a _________________ tone
a. personal b. frustrated c. serious d. concerned
Wide spans of control ________ one-on-one supervision.
A. discourage B. necessitate C. promote D. None of the above, there is no established relation between the two.
An agent makes a contract with a third party on behalf of the disclosed principal. The principal then breaches the contract. The third party may sue the agent to recover damages
a. True b. False Indicate whether the statement is true or false