True or False?

1- Bob's AMT depreciation for 2020 is $190,000 while his MACRS depreciation is $210,000. This makes Bob's AMTI decrease.

2- XYZ Corp is owned 100% by ABC LLC. XYZ Corp is an accrual basis taxpayer and in December 2020, accrues a payment of $10,000 to ABC, an accrual basis taxpayer. XYZ makes the payment in January 2021. XYZ will be able to recognize the $10,000 deduction in 2020.

3- Slick Rick Co. has $75,000 of research expenses. Slick Rick Co. is allowed to amortize these costs over 5 years.

4- Keanu heard from a friend that when his house flooded from a broken pipe, he can always deduct the costs on his 1040 as a casualty loss.

5- If a taxpayer files Form 3115 and it results in a positive 481 adjustment, they can recognize the entire amount over 4 years.