I- Interest paid on preferred stock is deductible from gross income of the paying corporation.II- A capital expenditure usually benefits more than one accounting period and is deductible from gross income in the year it is paid or incurred.*True; trueFalse; truetrue; falsefalse; false Which of the following is true?*Payments which constitute bribes, kickbacks and others of similar nature which are necessary to realized profits are allowed as deductions from gross income.The taxes which are deductible from gross income include the taxes, interest and penalties incident to tax delinquency.Deductions are amounts allowed by the Tax Code to be deducted from gross income arrive at the income tax liability of a taxpayer.Losses from wagering transactions shall be allowed only up the extent of the gains from such transactions. Which statement is correct?*The compensation income of managerial or supervisory employees is subject to fringe benefit tax.The taxable fringe benefits of rank and file employee are subject to fringe benefit taxThe taxable fringe benefits of managerial and supervisory employee are subject to regular income tax.The compensation income of rank and file employees is subject to regular tax.

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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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I- Interest paid on preferred stock is deductible from gross income of the paying corporation.II- A capital expenditure usually benefits more than one accounting period and is deductible from gross income in the year it is paid or incurred.*

True; true
False; true
true; false
false; false

Which of the following is true?*

Payments which constitute bribes, kickbacks and others of similar nature which are necessary to realized profits are allowed as deductions from gross income.
The taxes which are deductible from gross income include the taxes, interest and penalties incident to tax delinquency.
Deductions are amounts allowed by the Tax Code to be deducted from gross income arrive at the income tax liability of a taxpayer.
Losses from wagering transactions shall be allowed only up the extent of the gains from such transactions.

Which statement is correct?*

The compensation income of managerial or supervisory employees is subject to fringe benefit tax.
The taxable fringe benefits of rank and file employee are subject to fringe benefit tax
The taxable fringe benefits of managerial and supervisory employee are subject to regular income tax.
The compensation income of rank and file employees is subject to regular tax.

Definition Definition Benefits in addition to compensation that companies give to their employees. Fringe benefits can boost morale and productivity and keep employees motivated. Companies often use fringe benefits as a competitive advantage to recruit and retain employees. Examples of fringe benefits include pensions, vacation time, tuition reimbursement, free or subsidized meals, and gym memberships.

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