Question

O True Y subtracting tax credits from Gross Income. False J Question 4 (1 point) Selling equipments at below fair value from one company you own to another company that you own more than 50% of voting rights in violates the administrative convenience concept. True O False Question 5 (1 point) When tax payments are paid and recorded in advance, they are called estimated expenses. True False Question 6 (1 point) Amanda purchased an annuity contract for $15,000. When she turns 65, she will receive $200 a month for the rest of her life. The first $15,000 she receives is a return of her not taxable.

Answer 1

Question - 4 ....... False.

Selling the equipment for a price below it's fair value not a recommended offence or is in violation of any of the provisions of corporate law.

Question - 5, False

Advance tax payment is treated as a differed asset not the estimated expenditure.