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Matching
Using the legend provided, classify each statement accordingly. In all cases, assume that taxable income is being adjusted to arrive at current E & P for 2019.
-Section 179 expense in second year following election.
Merchandise
Goods that are purchased, held, and resold by a business in the normal course of its operations.
Discount Offered
A reduction applied to the regular price of goods or services as a form of promotion or negotiation.
Sales Discount
A reduction in the price of goods or services offered to customers, usually as an incentive for prompt payment.
Credit Sales
Credit sales are transactions where the customer purchases goods or services with the agreement to pay at a later date, typically invoiced by the seller.
Q17: After Ellie moves out of the apartment
Q32: No E & P adjustment is required
Q40: If the partnership properly makes an election
Q41: All cash distributions received from a corporation
Q51: Theresa sued her former employer for age,
Q69: Jane transfers property (basis of $180,000 and
Q82: Milt Corporation owns and operates two
Q119: Matilda works for a company with 1,000
Q126: No dividends received deduction is allowed unless
Q128: Typically, sales/use taxes constitute about 20 percent