1. Tax professionals are subject to professional conduct regulations issued by the Internal Revenue Service and the American Institute of Certified Public Accountants. Group of answer choices True False

2. Before there is recognition of income, there must be realization of income.

Group of answer choices

True

False

3. The return of capital principle prevents the cost of an investment made with after-tax dollars from being taxed.

true false

4. A taxpayer has no recourse and must accept an IRS tax assessment.

Group of answer choices

True

False

5. Generally, gifts and inheritances are taxable income to the recipient.

Group of answer choices

True

False

6. Capital gains and qualified dividends income are taxed at favorable (lower) tax rates.

Group of answer choices

True

False