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:

Coronary Arteries

The arteries that supply blood to the heart muscle, essential for its function and health.

Coronary Sinus

The coronary sinus is a large vein on the posterior side of the heart that collects deoxygenated blood from the heart muscle and delivers it to the right atrium.

Left Anterior

Pertaining to the front aspect of the left side of a body or a structure.

Visceral Pericardium

Serous membrane covering the surface of the heart; also called epicardium.