Indicate Which of the Following Statements Is/are Correct

question 96

Multiple Choice

Indicate which of the following statements is/are correct:
I.An accrual basis taxpayer who gives a creditor his note payable in payment of a claim may deduct the related expense when the note is given.
II.When a cash basis taxpayer uses a credit card to pay for an expense it can deduct the expense when the expense is charged to the credit card..
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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:

Endoderm

The innermost layer of cells or tissue of an embryo in early development, which gives rise to the lining of the digestive and respiratory systems.

Maternal Stress

Psychological and physiological stress experienced by a mother during pregnancy, which can affect fetal development and child outcomes.

Placenta

An organ that develops in the uterus during pregnancy to provide oxygen and nutrients to the growing baby and remove waste products.

Oxytocin

A hormone and neurotransmitter involved in childbirth and lactation, also known to play a role in social bonding and trust.