Non-Ordinary Items Resulting in Income or Loss

question 18

Multiple Choice

Non-ordinary items resulting in income or loss

• A)​include unusual but not infrequent gains.
• B)​are treated the same as ordinary items when calculating the effective tax rate.
• C)​are always treated as a total group when calculating the effective rate for the quarter.
• D)​are always excluded from interim reporting.

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Definitions:

Deductible Student Loan Interest

Interest paid on a qualified student loan, which may be deductible, reducing the taxable income of the payer.

Tuition And Fees

Charges associated with enrollment and attendance at educational institutions, including costs for classes, administration, and sometimes room and board.

High Deductible Health Plan

A High Deductible Health Plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan, often linked to Health Savings Accounts (HSAs).

Health Savings Account

An account that allows individuals with high-deductible health plans to save money tax-free for medical expenses.