You Have the Following Citation: Joel Munro, 92 T

question 54

Multiple Choice

You have the following citation: Joel Munro, 92 T.C. 71 (1989) . Which of the following statements is true?

• A)The taxpayer, Joel Munro, won the case because there is no reference to the IRS.
• B)The case appears on page 71 in Volume 92 of the official Tax Court of the United States Reports and the case was decided in 1989.
• C)This citation refers to a taxpayer conference between the IRS and the taxpayer.
• D)The case was tried in 1989 and was appealed in 1992.

---

Definitions:

Dividends

Disbursements from a corporation to its shareholders, typically deriving from the company's profits.

Amortization

The gradual reduction of a debt or the cost of an intangible asset over a specific period of time through regular payments.

Net Income

The amount of earnings left over after all expenses and taxes have been subtracted from total revenue; a key indicator of a company's profitability.

Equity Method

An accounting technique used by a parent company to record its investments in subsidiaries or affiliates based on the equity stake's pro-rata share of net assets rather than the historical cost of the investment.