Question: Which is not a basic tax planning strategy? A. Income shifting. B. Arms-length transaction. C. Timing. D. Conversion. E. None of the choices are correct.

Which is not a basic tax planning strategy?

A. Income shifting.

B. Arms-length transaction.

C. Timing.

D. Conversion.

E. None of the choices are correct.

Which of the following is a true statement about the limitation on business interest deductions?

A. The limitation is calculated as a percentage of the taxpayer's total taxable income.

B. All of the choices are false.

C. This limitation is not imposed on businesses with average annual gross receipts of $25 million or less for the prior three taxable years.

D. Interest disallowed by this limitation is carried back three years and then forward five years.

E. All of the choices are true.

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