Which one of the following is not an accepted individual taxpayer method for declaring interest income? a.
Question:
Which one of the following is not an accepted individual taxpayer method for declaring interest income?
a. The receivable method
b. The amortized cost method
c. The cash method
d. The anniversary day accrual method
Which one of the following is not an allowable deduction from rental income?
a. Insurance
b. Property taxes
c. Repairs & maintenance
d. All of the above are allowable deductions
Which one of the following is not a factor in establishing a taxpayer’s original intent?
a. Nature of the asset
b. Period of ownership
c. Nature of the transaction
d. Relation of the transaction to taxpayer’s business
Which one of the following would not result in a deemed disposition for tax purposes?
a. Change in use of an asset
b. A taxpayer giving up Canadian residency
c. The death of a taxpayer
d. All of the above would result in a deemed disposition
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain