S1: If a taxpayer dies within the taxable period, its accounting period shall cover the start of the calendar year until his/her demise . S2: Ordinary assets shall refer to properties held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business A. Both statements are correct. B. Both statements are incorrect. C. Only S1 is correct.
S1: If a taxpayer dies within the taxable period, its accounting period shall cover the start of the calendar year until his/her demise . S2: Ordinary assets shall refer to properties held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business A. Both statements are correct. B. Both statements are incorrect. C. Only S1 is correct.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 46P
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S1: If a taxpayer dies within the taxable period, its accounting period shall cover the start of the calendar year until his/her demise . S2: Ordinary assets shall refer to properties held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business
A. Both statements are correct.
B. Both statements are incorrect.
C. Only S1 is correct.
D. Only S2 is correct.
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