The balance sheet shows a company's net income or loss due to earnings activities over a period of time.
Answer the following statement true (T) or false (F)
False
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A business taxpayer sold all depreciable assets of the business, calculated the gains and losses, and would like to know the final character of those gains and losses. The taxpayer had $353,000 of adjusted gross income before considering the gains and losses from sale of the business assets. The taxpayer had unrecaptured § 1231 lookback loss of $12,000. What is the treatment of the gains and losses summarized in the following table after all possible netting and reclassification have been completed? What is the taxpayer’s adjusted gross income? (Ignore the self-employment tax deduction.)
AssetPurchase Date Sale Date Depreciation Gain (Loss) Machine 110/10/17 11/11/19 $323,000 $66,000 Machine 210/02/17 11/11/19 65,000 (15,000) Machine 309/23/15 11/11/19 183,000 23,000 Machine 409/23/15 11/11/19 28,000 64,000 ? What will be an ideal response?
The sample plan refers to:
A) the process used to select units from the population to be included in the sample B) the process used to select units from previous samples into the present sample C) the process used to select units from the population into a sample size formula D) the process used to select units from the population to be included in telephone surveys E) the process used to determine which members of the sample should be contacted
Which of the following is not discussed in the text as one of the ways to actively search for "accounting and documentary" symptoms of under-reporting of liabilities fraud?
a. More inventory counted than identified through purchasing and inventory records. b. Discrepancies in cut-off tests. c. Amounts listed on vendor statements not recorded as purchases. d. All of the choices are discussed.
Companies invest in trading investments with the intent of ________
A) increasing the amount of long-term assets B) gaining the controlling rights of the investee C) holding the investment until maturity D) generating a profit on a quick sale