CPA Liam Discovers That Last Year's Form 1120 for His

question 102

True/False

CPA Liam discovers that last year's Form 1120 for his client PollCo claimed a $100,000 advertising deduction for a gift to candidates of the Green Party. AICPA tax ethics rules require that an amended return immediately be filed, as political expenditures are not deductible.

---

Definitions:

Part-Time College

Refers to attending college courses or pursuing a degree with a reduced course load, allowing for less than full-time enrollment.

Academic Record

The formal documentation of a student's educational performance and achievements.

Average Cost

The total cost divided by the number of goods or services produced or acquired.

Shares

Ownership stakes in a company or financial asset that are divided equally among shareholders, allowing them to receive proportional shares of any declared profits through dividends.