40) Poole Company made a $100,000 cash expenditure this year. Which of the
following statements is false?
A) Poole must capitalize the expenditure if it results in a long-term economic
benefit to the company.
B) Poole must capitalize the expenditure if it
42) Which of the following statements most accurately defines taxable income
from business operations?
D) Gross income from whatever source derived less allowable deductions.
43) Jethro Company, an accrual basis taxpayer, had a $10,000 overdue
31) Which of the following statements about tax planning is false?
B) The goal of tax planning is tax minimization.
32) Which of the following statements about tax avoidance and tax evasion is
D) The difference between avoidance and evasion is clea
37) Which of the following is not one of the six steps in the tax research
A) Locate relevant tax law authority.
B) Understand the client's transaction and ascertain the facts.
C) Analyze relevant authority and answer the research questions.