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1. True or False. Taxpayer (T), a cash basis individual taxpayer, bought a bond for $8,760 on January 1, 2019, with a maturity value of

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1. True or False. Taxpayer ("T"), a cash basis individual taxpayer, bought a bond for $8,760 on January 1, 2019, with a maturity value of $10,000 on January 1 2022 (meaning there are no scheduled payments other than the $10,000 received at maturity). Assume the yield to maturity is 4.5% on an annual basis. If the bond is a series EE government bond T will not be required to include any gross income in 2019, but if the bond is issued by a corporation, T must include $394.20 ($8,760*4.5%) in gross income in 2019? (Write "T" for true or "F" for false) 2. True or False. Taxpayer ("T") an individual calendar year taxpayer can take a deduction for qualifying medical expenses and the standard deduction in the same year? (Write "T" for true or "F" for false) 3. True or False. An advance payment received in June 2019 by an accrual basis and calendar year taxpayer for services to be provided over a 36-month period, can be spread over the 36 month period for tax reporting purposes

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