Question 10 Which of the folowing statements, if any, is false? A gift recelved by an individual is not taxable income. Cash received from a dead grandmother through an inheritance is not taxable income to the grandchild. A corporation that elects to use a fiscal year, instead of a calendar year, for tax purposes can choose either a 6 month, 9 month or 12 month fiscal year to file its income tax returns every year. O Under the Federal tax laws, all gross income is automatically (by default) taxable income unless a particular exclusion applies. None of the above-they are all true statements. D.
Question 10 Which of the folowing statements, if any, is false? A gift recelved by an individual is not taxable income. Cash received from a dead grandmother through an inheritance is not taxable income to the grandchild. A corporation that elects to use a fiscal year, instead of a calendar year, for tax purposes can choose either a 6 month, 9 month or 12 month fiscal year to file its income tax returns every year. O Under the Federal tax laws, all gross income is automatically (by default) taxable income unless a particular exclusion applies. None of the above-they are all true statements. D.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question 10
Which of the folowing statements, if any, is false?
A gift recelved by an individual is not taxable income.
Cash received from a dead grandmother through an inheritance is not taxable income to the grandchild.
A corporation that elects to use a fiscal year, instead of a calendar year, for tax purposes can choose either a 6 month, 9 month or 12 month
fiscal year to file its income tax returns every year.
O Under the Federal tax laws, all gross income is automatically (by default) taxable income unless a particular exclusion applies.
None of the above-they are all true statements.
D.
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