Which, If Any, of the Following Provisions Cannot Be Justified

question 93

Multiple Choice

Which, if any, of the following provisions cannot be justified as mitigating the effect of the annual accounting period concept?

• A)Nonrecognition of gain allowed for involuntary conversions.
• B)Net operating loss carryover provisions.
• C)Carryover of excess charitable contributions.
• D)Use of the installment method to recognize gain.
• E)Carryover of excess capital losses.

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Definitions:

Breach Of Contract

The violation of any of the agreed-upon terms and conditions of a binding contract.

Special Damages

Compensatory damages that cover specific, quantifiable financial losses suffered by a plaintiff, such as medical bills or lost wages, due to the defendant's wrongdoing.

Incidental Damages

Damages that compensate for expenses directly incurred because of a breach of contract, such as those incurred to obtain performance from another source.

Rescind The Contract

The legal action of canceling or nullifying a contract, effectively terminating the agreement and releasing the parties from their obligations.