If a taxpayer has insufficient financial means to pay a deficiency, the IRS may accept the taxpayer's offer in compromise to settle the deficiency for a lesser amount.
Answer the following statement true (T) or false (F)
True
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The declaratory doctrine holds that the legal existence of a government happens automatically by operation of law whenever a government is capable of controlling a territory and its people
Indicate whether the statement is true or false
A budget represents the plans that a company has in place to achieve its goals
Indicate whether the statement is true or false
Solomon filed a complaint that stated: "I went over to my neighbor Dominquez's house and he refused to let me borrow his hedge trimmer. A possible buyer of my house came over that evening and, when she saw my untrimmed hedges, lost interest in the house. I demand $2,000 from Dominquez, because he would not let me use his hedge trimmer and because of his refusal I did not sell my house."
Dominquez's attorney should a. try and settle the case for something less than $2,000. b. file a motion to dismiss (demurrer). c. file an answer to Solomon's complaint. d. file a cross-complaint for $2,500 in damages.
On May 15, Tumbleweed, Inc. purchased Dansell Corp. bonds for $80,000. The securities are considered available-for-sale securities. This is the company's first and only investment in available-for-sale securities. On September 30, the bonds had a market value of $85,000. The $5,000 difference must be reported on Tumbleweed's income statement as a $5,000 gain.
Answer the following statement true (T) or false (F)