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explain in etail the penalty for failure in furnish a return or statement (section 182) and penalty for concealment of income (section 184)
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- Exclusion from gross income refers to income received or earned but is nottaxable as income because it is exempted by law or by treaty. TRUE OR FALSE?Which of the following would not overstate current-period net income?a. Capitalizing an expenditure that should be expensed.b. Failing to record a liability as an expense.c. Failing to record a check paying an item in Vouchers Payable.d. All of the above would overstate net income.Should we include income derived from illegal sources in the computation of gross income? Why or why not?
- Section 61 of the IRC (Internal Revenue Code) has been labeled as "too broad" and "vague" by some individuals when it comes to determining how to classify certain forms of income and what to include. Does it leave too much to interpretation? Explain.Please answer in detail Identify the statute of limitations if no income tax return is filed or a fraudulent income tax return is filed.A contingency that need not be disclosed in the financial statements or in the notes thereto is: a. pending litigation. b. possibility of strike. c. deficiency tax assessment. d. note receivable discounted.
- Which of the following is NOT a contingent liability? a. Pending law suit for property damage b. Product warranty c. Discounted note receivable d. Pending law suit for slanderWhat types of ordinary and statutory income do not constitute assessable income?The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegally
- Receivables determined to be absolutely worthless when written off may be claimed as deduction from gross income underWhat is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? j. Check for paychecks with no National Insurance or Income Tax deductions.Does the deductibility of an expense or loss follow accounting practice?
