1. As a general rule, income is not taxable unless you can locate authority that...
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Accounting
1. As a general rule, income is not taxable unless you can locate authority that requires the amount to be included in income. True False
2. All of the following would generally result in income for the taxpayer except: a. Taxpayer performs services for cash but does not receive a Form 1099 at year-end b. Taxpayer performs services and receives equal-value services in return c. Taxpayer s credit card debt is forgiven/canceled by the credit card company d. Taxpayer receives cash proceeds from a home equity loan
3. Cash basis taxpayers report income at the later of actual receipt or constructive receipt. True False
4. Hobby losses are not deductible because hobbies lack the profit motive. True False
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