What kinds of goods are termed as future goods?
A) goods that exist but are to be sold at a future date
B) goods that are not yet in existence
C) goods that can be sold partly in the present and partly at a later date
D) goods that exist without a title
B
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Most businesses that operate globally tend to gravitate toward countries that are similar in language and commercial practices to their home country
Indicate whether the statement is true or false
________ is the visual ability that helps one see things in low light contexts.
A. Depth perception B. Visual color discrimination C. Far vision D. Night vision E. Near vision
Answer the following statements true (T) or false (F)
1. Subject to net equity and dollar limitations, a taxpayer may deduct interest on a home equity loan, secured by the residence, used to purchase an automobile. 2. While points paid to purchase a residence are deductible as interest in the period paid, points associated with the refinancing of a residence must be amortized and deducted over the life of the loan. 3. PG LLC is an accrual method partnership, manufacturing drones. Patty, 75% partner in PG and a cash method taxpayer, lends $100,000 to PG as a working capital loan on January 1, 2018, with interest due at an arms-length rate. PG accrues, and reports on its income statement, $5,000 of interest expense on this loan. PG pays the interest due to Patty on January 2, 2019. On PG LLC's 2018 tax return, it will deduct the $5,000 interest expense. 4. Christopher, a cash-basis taxpayer, borrows $1,000 from ABC Bank by issuing a 3-month note on December 1, 2018. Christopher receives $940 but must repay $1,000 on the due date. The amount of interest expense deductible in 2018 is $20. 5. Charitable contributions made to individuals are deductible if the individuals can show extreme financial need.
MNO Partnership has three equal partners. Moon, Inc and Neptune, Inc each have fiscal years ending March 31 . Omega uses the calendar year. MNO's taxable year end must be determined using the least aggregate deferral method, and is December 31
a. True b. False Indicate whether the statement is true or false