The IRS decides upon audit whether the taxpayer can claim the tax deferral benefits of ASC 740-30
a. True
b. False
Indicate whether the statement is true or false
False
RATIONALE: An APB 23 deferral is applied based upon assertions by management about the use of offshore funds of the taxpayer.
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Which of the following types of oil and gas limited partnership programs is the riskiest?
A) Existing property. B) Developmental. C) Income. D) Exploratory.
Which of the following would not terminate a properly formed joint tenancy between two co-tenants:
A: Foreclosure on a mortgage or trust deed secured by the interest of one joint tenant; B: Death or permanent incapacity of either joint tenant; C: One of the joint tenants signing a valid contract of sale to convey his interest in the property; D: One of the joint tenants signing a deed of trust, creating a lien against his interest in the property.