July 5th Flashcards
1
Q
What is the time period for the IRS to collect after a tax has been assessed?
A
10 years
2
Q
A private foundation is not subject to tax on?
A
Accumulated earnings
3
Q
Decisions by which of the levels of courts listed would result in the definitive answer on a tax issue?
A
U.S. Supreme Court
4
Q
Taxable state tax refund is…2
A
1 AMT adjustment and
2 exclusion item
5
Q
With an accrual basis tax payer, aside from cash, what also increases rent revenue?
A
Increase in receivables
