If the Taxpayer's Method of Measuring Income Is Consistent with GAAP,it

question 121

True/False

If the taxpayer's method of measuring income is consistent with GAAP,it will be acceptable for tax purposes.

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Definitions:

Strict Interpretation

The judicial practice of applying a narrow, literal, and precise reading of legal texts or statutes.

Force Majeure Clause

A contract term anticipating some catastrophic event usually exempting liability when such an event interferes with performance of the contract.

Catastrophic Event

An unexpected, large-scale disaster that causes significant -physical, economical or environmental damage or loss of life.

Condition Subsequent

A contract condition that, when it occurs, ends the party's obligation to perform under the contract.