When is it permissible to use estimated amounts in the preparation of tax returns? 1. When the taxpayer's records do not accurately reflect information related to small expenditures, the taxpayer's estimate of the amount may be used. II. Unless prohibited by statute or rule, when it is not practical to obtain the exact data. III. If fire or computer failure has destroyed the records. IV. Estimated amounts are not permissible. I, II, and III I only II only IV only

When is it permissible to use estimated amounts in the preparation of tax returns? I. When the taxpayer's records do not accurately reflect information related to small expenditures, the taxpayer's estimate of the amount may be used. II. Unless prohibited by statute or rule, when it is not practical to obtain the exact data. III. If fire or computer failure has destroyed the records. IV. Estimated amounts are not permissible. 1, II, and III I only II only IV only