S1: If a taxpayer dies within the taxable period, its accounting period shall cover the start of the calendar year until his/her demise . S2: Ordinary assets shall refer to properties held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business A. Both statements are correct. B. Both statements are incorrect. C. Only S1 is correct.
S1: If a taxpayer dies within the taxable period, its accounting period shall cover the start of the calendar year until his/her demise . S2: Ordinary assets shall refer to properties held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business A. Both statements are correct. B. Both statements are incorrect. C. Only S1 is correct.
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 7DQ
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S1: If a taxpayer dies within the taxable period, its accounting period shall cover the start of the calendar year until his/her demise . S2: Ordinary assets shall refer to properties held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business
A. Both statements are correct.
B. Both statements are incorrect.
C. Only S1 is correct.
D. Only S2 is correct.
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