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When securities are sold and the securities were purchased on different dates and at different prices.（）
I.the basis of the shares may be determined on a first-in，first-out basis.
II.the basis of the shares may be determined on a last-in，first-out basis.

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct

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单项选择题

Milroy Company earnings before interest，taxes，depreciation，depletion and amortization is $2，000，000in 2018.Milroy’s gross receipts have always exceeded $40，000，000.Milroy’s interest expense is $800，000.Which of the follow is correct？（）

A.Milroy can deduct $800，000of interest expense
B.Milroy can deduct $600，000of interest expense and can carry forward the remaining $200，000indefinitely
C.Milroy can deduct $600，000of interest expense and the remaining $200，000can not be carried forward
D.Milroy can deduct $600，000of interest expense and can carry back the remaining $200，0003years
E.Milroy cannot deduct any interest expense

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单项选择题

Under the deferral method of accounting for advance receipt of revenues，which of the following statements is/are correct？（）
I.Receipts of service revenue colleted in advance are included in gross income in the current year to the extent they included in revenue for financial accounting purposes.
II.Receipts of rents and interest collected in advance are included in gross income in the current year to the extent they are included in revenue for financial accounting purposes.

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct.

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单项选择题

Which of the following statements pertaining to acquiescence and nonacquiescence is not true？（）

A.Acquiescence means the IRS will follow the decision of the court in cases
B.An announcement of nonacquiescence would prevent a taxpayer with similar circumstances from following that court decision
C.The IRS may issue an acquiescence or nonacquiescence to opinions of the Tax Court and other federal court decisions
D.An announcement of acquiescence may be withdrawn，modified or reversed

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单项选择题

Donna owns a cleaning service.Reed，a customer，receives Donna’s bill for October 2018services of $65on October 31，2018.Reed pays the $65on January 4，2019 I.If Donna is a cash-basis taxpayer，she recognizes the income in2019.II.If Donna is an accrual-basis taxpayer，she will recognize the $65in 2018.III.Donna will recognize the $65in 2018regardless of accounting method，because that is when she earned the income.（）

A.Only statement I is correct
B.Only statement II is correct
C.Only statement III is correct
D.Statements I and II are correct
E.Statements I and III are correct.

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单项选择题

Which of the following taxes paid by Trevor Products，Inc.can be deducted during 2018？ I.Real estate taxes. II.Sales tax on purchase of new equipment.（）

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct

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单项选择题

Ferris inherited State of Florida general-purpose bonds worth $2，400from his grandfather in 2016.He received $120interest on the bonds in 2016，2017and 2018.In 2017，he sells the bonds for a gain of $300.Ferris excludes the value of the bonds received and the bond interest，but must include a $300capital gain in his 2018gross income.Which of the following Concepts，Constructs，and/or Doctrines form.the basis for this treatment？（）
I.Capital Recovery Concept
II.Legislative Grace Concept
III.Constructive Receipt Doctrine
IV.Realization Concept

A.Statements I and II are correct
B.Statements I and IV are correct
C.Statements II，III，and IV are correct
D.Statements I，II，and III are correct
E.Statements I，II，and IV are correct

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