Tax Games

2. Under cash accounting, a check is paid on the date it is
4. Tax expense is based on income
8. For tax purposes the cost of purchased goodwill is amortized over years
10. This basis rule causes the unrecognized gain or loss on a nontaxable exchange to be embedded in the basis of the qualifying property acquired.
12. Tax payable is based on income
13. If an expenditure creates or enhances an identifiable asset with a useful life substantially beyond the current year it is
14. Cost of goods sold is the cost recovery method for
15. Convention applies if more than 40% of personalty acquired in a year is placed into service in the first quarter
16. A reduces taxable income and causes a corresponding reduction in tax.
18. A is imposed on the retail sale of specific goods, such as gasoline, cigarettes, or alcoholic beverages, or on specific services, such as hotel or motel accommodations.
19. A rate structure is one in which the rates increase as income increases and results in an equality of sacrifice across taxpayers

1. A is a forum for commercial interaction between two or more parties for the purpose of exchanging goods or services.
3. A cash flow consisting of a constant dollar amount available at the end of the period for a specific number of periods is called a_______.
5. The standard for evaluating a tax looks at if most taxpayers understand and routinely cooperate with the tax.
6. Depletion deduction equals the greater of cost depletion or depletion
7. occurs when the earning process with respect to the provision of goods or services is complete, regardless of when payment of the goods is received.
9. The IRC permits cash accounting or accounting
11. The applies if a purchaser of a good did not pay the state’s sales tax or another state's tax of equivalent value when a good was purchased.
17. Only percent of meals and entertainment expense can be deducted