ETHICSWhile vacationing you find a $100 bill on thereport it as taxable income? Why or why not?Would your answer differ if you found $100,000beach. Nobody saw you find it. Assuming the findmeets the definition of gross income, would youinstead of $100?Discussion points:Do you think that finding $100 meets the definition ofIs there a "materiality" threshold for when you have to report income?Does not reporting the $100 violate tax law and/or ethical standards?grossincome?If you are more likely to report the $100,000, why? Does not reporting the $100,000 violate tax law and/or ethical standards?

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A landlord who receives prepaid rent is required to report that amount as gross income when the payment is received. Why would Congress choose to do this? What problem does this create for the taxpayer? C O A. Congress taxes prepaid rental income due to the concern that taxpayers who spend the money will be unable to pay the tax when t comes due. The problem created for taxpayers is that they are taxed before they incur related expenses, such as repairs, insurance, and depreciation. Therefore, there is a mismatching of revenue and expense. O B. O C. Congress taxes prepaid rental income to collect more taxes from a taxpayer by increasing their tax bracket with the additional income. The problem this causes for the taxpayer is inconsistent taxable income from year to year and increases the risk of an audit. O D. Congress taxes prepaid rental income due to numerous landlords not reporting this income in the following tax year. The problem created for taxpayers is that they are taxed…

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