Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. which of the following statements about a tax defi

Which of the following statements about a tax deficiency is true? A. If a taxpayer...

50.1K

Verified Solution

Question

Accounting

Which of the following statements about a tax deficiency is true?

A. If a taxpayer is assessed a deficiency, the government will charge interest on the deficiency regardless of the reason for the deficiency.

B. Individuals who pay interest on a tax deficiency can deduct it as an itemized deduction.

C. Individuals who pay interest on a tax deficiency cannot deduct it as a business expense.

D. Both a. and c.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

1. An entity manufactures 4 products:ACEFCM/Unit$21.16$30.93$26.07$36.62Kg...1. An entity manufactures 4 products:ACEFCM/Unit$21.16$30.93$26.07$36.62Kg of Y used16102KG...

Biology
1.2K views

What is plutonium reprocessing? Why is it a big environmental issue?

Advance Math
1.2K views

y'+xy=x3+y2    Solve the differential equation.

Biology
1.2K views

Which of the following is true of the evolution of animal phyla and animal body...

Basic Math
1.2K views

If n A 4 n B 6 and n C 10 what is the greatest...

Algebra
1.2K views

7 If csc 0 13 x 0 3 then the value of cos 20 is...

Accounting
1.2K views

Anjali Shah Company had credit sales of $1,600,000. The beginning accounts receivable balance was $165,000...

Accounting
1.2K views

what is answer for this question and why b cannot be the answer? i need...

Accounting
1.2K views

Crane Company budgeted selling expenses of $29,500 in January, $35,300 in February, and $39,100 in...

Accounting
1.2K views

Allison bought a Blu-ray DVD player from the store for $275 that came with a...

Accounting
1.2K views

7. If average inventory was $80,000, sales were $560,000, and cost of goods sold were...

Accounting
1.2K views

what is the business proposition in Kazakhstan?