Based on Samuel's Completed Tax Return,what Advice Would You Give

question 76

Multiple Choice

Based on Samuel's completed tax return,what advice would you give him to lower his tax liability for 2015?

• A)He should take the computer classes in 2015.
• B)He should sell his stock.
• C)He should increase his contributions to the 401(k)plan at work.
• D)He should get a roommate and claim him as a dependant.
• E)Both A and C are good advice.

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Definitions:

AASB 141

An Australian accounting standard regarding the accounting for agricultural activity, including the recognition and measurement of biological assets and agricultural produce.

IAS 41

An International Accounting Standard that deals with the accounting for agricultural activity, including the transformation of biological assets (living plants and animals) into agricultural produce.

Biological Asset

Living plants or animals that companies hold for sale, into agricultural produce, or into additional biological assets.