T/F: A $1,000 of income 5 years from now has the same value as $1,000 worth of income today

T/F: The higher the interest rate the smaller the annual payment needed to accumulate a given amount 10 years from now

The goal of income tax management by a farmer or rancher should be: To pay as little income tax as possible To minimize taxable income To postpone paying as much tax as possible To maximize long-term,after-tax income