Which of the following statements relative to the optional standard deduction is false? The 40% deduction rate shall be multiplied to the gross sales or gross receipts in the case of individual taxpayers. The taxpayer has the burden of proof in proving the expenses by means of receipts and other evidence. O The 40% deduction rate shall be multiplied to the gross income in case of corporate taxpayers. The method of deduction to be adopted by a taxpayer may be changed for every taxable year.
Which of the following statements relative to the optional standard deduction is false? The 40% deduction rate shall be multiplied to the gross sales or gross receipts in the case of individual taxpayers. The taxpayer has the burden of proof in proving the expenses by means of receipts and other evidence. O The 40% deduction rate shall be multiplied to the gross income in case of corporate taxpayers. The method of deduction to be adopted by a taxpayer may be changed for every taxable year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following statements relative to the optional standard deduction is false?
Transcribed Image Text:Which of the following statements relative to the optional standard
deduction is false?
The 40% deduction rate shall be multiplied to the gross sales or gross receipts
in the case of individual taxpayers.
The taxpayer has the burden of proof in proving the expenses by means of
receipts and other evidence.
O The 40% deduction rate shall be multiplied to the gross income in case of
corporate taxpayers.
The method of deduction to be adopted by a taxpayer may be changed for
every taxable year.
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