Taxation and Deduction Concepts: A Review of Key Tax Rules and Elections

Overview of key tax rules, deductions, and elections affecting individuals and businesses.

Lily Green

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Taxation and Deduction Concepts: A Review of Key Tax Rules and ElectionsQuestion 21 pointsSaveThe tax benefit received from a tax credit is affected by thetax rate of the taxpayer.TrueFalseQuestion 31 pointsSaveIf the shareholders of a calendar year C corporation elect Sstatus on April 13, 2007, the election is effective for all of2007.TrueFalseQuestion 41 pointsSaveRealized gain or loss is measured by the difference betweenthe amount realized from the sale or other disposition ofproperty and the property’s adjusted basis at the date ofdisposition.TrueFalseQuestion 51 pointsSaveIn April 2007 Bertie, a calendar year cash basis taxpayer, hadto pay the state of Michigan additional income tax for 2006.Even though it relates to 2006, for federal income tax purposesthe payment qualifies as a tax deduction for tax year 2007.TrueFalseQuestion 61 pointsSaveAn eligible taxpayer may elect to receive advance payments ofthe earned income credit from his or her employer.True

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