In January 2018, Pam, a Calendar Year Cash Basis Taxpayer

question 92

True/False

In January 2018, Pam, a calendar year cash basis taxpayer, made an estimated state income tax payment for 2017. The payment is deductible in 2017.

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Definitions:

Rescission

The cancellation of a contract to return the parties to their positions before the contract was made.

Opinion

A belief or judgment formed about something, not necessarily based on fact or knowledge.

Misrepresentation

A false statement of fact made by one party to another, which has the effect of inducing that party into a contract.

Exaggerated Claim

A statement or claim that exceeds the truth or reality, usually made to deceive or mislead.