In computing the amount realized ifthe fair market value of

Assignment Help Accounting Basics

Reference no: EM13615498

1.The credit for child and dependentcare expenses is an example of a refundable credit.

True
False

2. Currently, any unused generalbusiness credit must be carried back 3 years, and then forward 15years.

True
False

3. A FIFO method is applied to general business credit carryovers, carrybacks, and utilization of credit searned during a particular year.

True
False

4. Qualified rehabilitation expendituresinclude the cost of acquiring the building, but not the cost of acquiring the land.

True
False

5. Realized gain or loss is measured by the difference between the amount realized from the sale or otherdisposition of property and the property's adjusted basis atthe date of disposition.

True
False

6. In computing the amount realized, ifthe fair market value of the property received cannot bedetermined, the fair market value of the property surrendered maybe used.

True
False

Reference no: EM13615498

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