Determining taxable income rules

Reference no: EM1363412

1. In 2012, Warren sold his personal use automobile for a loss of $9,000. He also sold a personal coin collection for a gain of $10,000. As result of these sales, $1,000 is subject to income tax.

2. The realization requirement give to own assets that have increased in value and to sell assets whose value has decreased

3. The financial accounting principle of conservatism is not well-suited to the task of taxable income.

4. When a business is operated as an S corporation, a disadvantage is that the shareholder must pay the tax on his or her share.

Reference no: EM1363412

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