Under the section 471 rules, small businesses can generally expense all inventory purchases in the year acquired, even if not sold. Question 10 options: True False

In 2023, REL Corporation expensed $100,000 of depreciation for book purposes and deducted $120,000 of depreciation on its tax return. The $20,000 difference is categorized as: Question 11 options: Favorable, temporary Unfavorable, permanent Unfavorable, temporary Favorable, permanent n preparing Form 1120,

which of the following constitutes a permanent book-tax difference? Question 12 options: Interest received from state and local bonds Depreciation Gain (loss) on the disposition of depreciable assets Fine paid to the county for a zoning violation More than one of the above.

Marker Corporation expensed $60,000 for entertainment expenses in 2023. This amount would be reported on Line 8 of Schedule M-1. Question 13 options: True False

A death benefit from life insurance on key employees represents a temporary book-tax difference. Question 14 options: True False