Question

Tax rules:

Question 1 options:

always follow GAAP

follow GAAP when the accounting rule benefits the taxpayer

follow GAAP when there is no specific tax rule for the receipt or expenditure

follow GAAP when the taxpayer is calculating business deductions

none of the above

A flowthrough entity is one for which:

Question 2 options:

the taxpayer flows salary to family members

oil and natural gas revenues flow to shareholders

net profit is taxed on the tax return of the entity

a corporation passes certain deductions or losses to investors

none of the above

 

always follow GAAP

 

follow GAAP when the accounting rule benefits the taxpayer

 

follow GAAP when there is no specific tax rule for the receipt or expenditure

 

follow GAAP when the taxpayer is calculating business deductions

 

none of the above

 

 

 

 



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