Investigation of a Tax Problem That Involves a Closed-Fact Situation

question 94

Multiple Choice

Investigation of a tax problem that involves a closed-fact situation means that

• A)the client's transactions have already occurred and the tax questions must now be resolved.
• B)the client's tax return has yet to be filed.
• C)future events may be planned and controlled.
• D)research is primarily concerned with applying the law to the facts as they exist.

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Definitions:

Create (+) Icon

A graphical interface element typically used in software applications to indicate the functionality for adding new items, such as records, files, or directory entries.

Bank Deposit

The act of placing money into a banking institution for safekeeping, which can also refer to the money that has been deposited.

Add New Deposits

The act of recording or entering new sums of money placed into a banking account.

Internal Control

Actions and protocols set up by an organization to safeguard the reliability of its financial and accounting data, foster responsibility, and mitigate fraudulent activities.