Reference no: EM132725216

Problem 1: Which of the following statements regarding the California Competes Tax Credit is true?

Select one:

a. The credit is refundable.

b. The credit can be carry forward for ten years

c. Tax credit agreements will be negotiated by GO-Biz but Go-Biz does not have the authority to review certain businesses books and records.

d. If agreed upon milestones for a taxable year are not met, the credit is not earned for that taxable year.

e. All of the above statements are true.

Problem 2: Which of the following statements is true concerning the California state personal tax return?

Select one:

a. It is not possible to itemize your deductions on your California state return if you have taken the standard deduction on your federal return.

b. It is possible to itemize your deductions on your California state return even though you may have taken the standard deduction on your federal return.

c. It is possible to itemize your deductions on your California state return only if you have itemized deductions on your federal return.

d. It is not possible to take a standard deduction on your California state return even though you may have taken the standard deduction on your federal return.