Annuity payments received by a taxpayer represent a part which is taxable and non taxable. Which of the following statement is correct? O Return of premium is taxable O Return on premium is non-taxable OBoth statements are correct O Both statements are not correct correct
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- Statement 1: Proceeds of life insurance received by the beneficiary of the insured is a return on capital. Statement 2: The excess of proceeds over total premiums paid which is received by the beneficiary of the insured decedent is gross income and is taxable. * a. Both statements are true b. Both statements are false c. Only statement 1 is true d. Only statement 2 is truetypes of payments that are taxable/not taxable for FUTA?Which of the following items affect taxable income? Select one or more: a. Realized Gains and Losses b. Unrealized Gains and Losses c. Interest Income PreviousSave AnswersFinish attempt ...
- Which of the following creates temporary difference between financial and taxable income? * Interest on treasury debt securities Accelerated depreciation on plant and equipment O Fines from vilation of law Premiums paid for officer's life insurance (comapny is beneficiary)What is the correct treatment of advance payment made by the lessee to the lessor? A. None of the above B. If the advance payment representing loan is intended to be applied to unpaid rent, the amount is part of the debtor/lessor’s taxable income at the time of receipt of said amount. C. If the advance payment represents security deposit, the amount is part of the lessor’s taxable income. D. If the advance payment represents loan, the amount is part of the lessor’s taxable income.The coinsurance penalty promotes which of the following? O Application of the deductible All of the above. Equitable rates for all policyholders. O Equitable distribution of loss payments for all policyholders.
- What are the different kinds of payments that are taxable or non taxable under the FUTA?what is the difference between pretax financial income and taxable income? Explain the meaning of temporary and permanent differences. Give at least two unique examples of eachWhat is the permanent difference between pretax accounting income and taxable income?
- For an accrual basis taxpayer, which of the following statements is TRUE regarding prepaid income? a.Group of answer choices b.Prepaid dues & subscriptions are recognized immediately c.Prepaid rent is recognized immediately d.Prepaid royalties are recognized when earned e.Prepaid interest is recognized as it is earnedTaxable income differs from financial accounting income in that It requires a change in the taxpayer's net worth It does not require a realization event It always requires the taxpayer to match income and expenses None of the aboveMC: Topic: Income Taxation Statement 1: Proceeds of life insurance received by the beneficiary of the insured is a return on capital. Statement 2: The excess of proceeds over total premiums paid which is received by the beneficiary of the insured decedent is gross income and is taxable. * Both statements are true Both statements are false Only statement 1 is true Only statement 2 is true