Indicate Which of the Following Statements Is/are Correct

question 12

Multiple Choice

Indicate which of the following statements is/are correct:
I.A cash basis taxpayer may deduct prepaid rent if it will be used-up within one year of prepayment and the payment is required to be made.
II.An accrual basis taxpayer must satisfy an all-events test and an economic performance test to claim a deduction.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Trisomy 21

A genetic disorder caused by the presence of an extra 21st chromosome, also known as Down syndrome.

Trisomy 18

A genetic disorder caused by the presence of an extra 18th chromosome, leading to severe developmental and physical abnormalities.

Trisomy 13

Trisomy 13, also known as Patau syndrome, is a chromosomal condition associated with severe intellectual disability and physical abnormalities in many parts of the body.

Trisomy 12

A genetic disorder characterized by having three copies of chromosome 12 in cells, instead of the usual two, which can lead to various developmental and health issues.