This is not a requisite for business expense to be deductible. Group of answer choices It must be reasonable It must be ordinary and necessary It must be paid during the taxable year The withholding tax otherwise required have been deducted and remitted to the BIR

Q: e journal entry required to record the tax effect of the revaluation. a. None of answers given b.…

A: Revaluation has been the process of adjusting a fixed asset class book value to its own current…

Q: As ITA 3(b) indicates Taxable Capital Gains exceed Allowable Capital Losses, which of the following…

A: Solution:-ITA 3(b) - Capital gains tax occurs if the previous year's capital gains tax exceeds the…

Q: t is the change during the year in an entity's deferred tax liability and o O A. Current tax expense…

A: Solution: "Deferred tax expense" is the change during the year in an entity's deferred tax asset and…

Q: s) Which of the following statements is true about temporary book-tax differences? (N O They are…

A: Temporary book-tax differences refer to the differences that arise between the pretax book income…

Q: FUTA TAX MUST BE DEPOSITED WHEN THE CUMULATIVE QUARTERLY TAX LIABILITY EXCEEDS?

A: FUTA (Federal unemployment tax) Tax is required to be paid by an employer for the first $7000 wages…

Q: Schedule M-1 of Form 1120 is used to reconcile financial net income with taxable income. reported on…

A: M-1 of Form 1120 is used to reconcile financial net income with taxable income reported on the…

Q: Which of the following is not true? A taxpayer must obtain approval or consent of the IRS to change…

A: A taxpayer is an individual or entity that is obligated to pay taxes to a governmental authority,…

Q: The entry to recognize that a portion of a deferred tax asset would more likely than not be not…

A: Income tax actual paid and income tax expenses some time differ because of deferred income…

Q: An item that is considered a nondeductible item in taxable income is recognizing estimated bad debts…

A: Non deductible item in taxable income is an item which will not be considered for deduction while…

Q: Provide two examples of expenditures that are typically not allowable for tax deductions but are…

A: Introduction: A tax-deductible cost is one that is "ordinary, essential, and reasonable" and…

Q: 1.The definition of gross income in the tax law is: A. All items specifically listed as income in…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Which statement is false? a) Deferred taxes are the product of temporary difference in the…

A: Taxes refers to the amount that is charged by the government to individuals and organizations on the…

Q: Under the cash method of tax accounting, tax deductions are taken when: a, Expenditures are made…

A: Answer: Under the cash method of tax accounting, tax deductions are taken when expenditures are…

Q: A. For some assets, straight-line depreciation is used for tax purposes while double-declining…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Listed below are items that are commonly accounted for differently for financial reporting purposes…

A: The answer is stated below:

Q: Expenditures currently deducted in the tax return but not included with expenses in the income…

A: Solution: Expenditures  currently deducted in the tax return but not included with expenses in…