Which of the following statements is not correct?* a. The OSD is an amount equal to 40% of the gross income from practice of profession of the taxpayer. b. The OSD is not available against compensation income arising out of an employer-employee relationship. c. The election of OSD is irrevocable for the taxable year for which the choice is made. d. Unless the taxpayer signifies in his return his intention he shall be considered as having availed of the itemized deduction.
Which of the following statements is not correct?* a. The OSD is an amount equal to 40% of the gross income from practice of profession of the taxpayer. b. The OSD is not available against compensation income arising out of an employer-employee relationship. c. The election of OSD is irrevocable for the taxable year for which the choice is made. d. Unless the taxpayer signifies in his return his intention he shall be considered as having availed of the itemized deduction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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8. Which of the following statements is not correct?*
a. The OSD is an amount equal to 40% of the gross income from practice of profession of the taxpayer.
b. The OSD is not available against compensation income arising out of an employer-employee relationship.
c. The election of OSD is irrevocable for the taxable year for which the choice is made.
d. Unless the taxpayer signifies in his return his intention he shall be considered as having availed of the itemized deduction.
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