The first step in tax research is to locate the relevant legal authorities.()
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Patrick ran up a large credit card debt.Since the bank wanted to keep Patrick’s account they forgave $5,000 of his balance.Patrick was solvent before and after the forgiveness.He has to include the $5,000 in his income.()
Under the pay-as-you-go concept, the tax base used to compute the taxpayer’s income tax liability is a net income number.()
An individual should be indifferent whether an expense is deducted for or deducted from adjusted gross income.()