Question
Which type of income determination is used for computing itemized deduction thresholds? a. Taxable Income b. Gross Income c. Income Broadly Conceived d. Adjusted Gross
Which type of income determination is used for computing itemized deduction thresholds?
| a. |
Taxable Income
| |
| b. |
Gross Income
| |
| c. |
Income Broadly Conceived
| |
| d. |
Adjusted Gross Income |
Mike owes the bank $80,000 on an unsecured note. He satisfies the note with a payment of $70,000. The bank accepts the payment and forgives the remaining $10,000 of debt. What amount should Mike recognize as income?
| a. |
$0
| |
| b. |
$10,000
| |
| c. |
$70,000
| |
| d. |
$80,000 |
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Principles Of Managerial Accounting
Authors: James M. Reeve
1st Edition
0324640625, 978-0324640625
