True or False: (I do not require explanations, just answers please)   If a taxpayer does not deduct his expenses, losses, interests, taxes or other charges within any year, he may still deduct them from the income of any succeeding year

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True or False:

(I do not require explanations, just answers please)

 

1. If a taxpayer does not deduct his expenses, losses, interests, taxes or other charges within any year, he may still deduct them from the income of any succeeding year.
2. All individual taxpayers may subtract optional standard deduction from their gross income from trade, business or profession.
3. For an expense to be allowed, the reasonableness of the amount being claimed is of little consideration.
4. Deductions are amounts allowed by the Tax Code to be deducted from gross income to arrive at the taxable income for purposes of computing the income tax liability of a taxpayer.
5. Compensation payments, to be deductible, must be for personal services actually rendered by employees under an employer-employee relationship.
6. The grossed-up monetary value of fringe benefit furnished or granted by the employer to the employee is deductible even if the final tax thereon is yet to be paid.
7. An expenditure that benefits only the current period is a capital expenditure while an expenditure that benefits current and future periods is a revenue expenditure.
8. Where leasehold is acquired for a business purpose for a specified sum, the taxpayer may take as a deduction and aliquot part of a sum each year based on the number of years the lease has to run.
9. Payments which constitute bribes, kickbacks and others of similar nature are allowed as deduction from gross income.
10. Taxes paid by lessee to or for a lessor for business property are treated as additional rent and constitute a deductible item to the lessee and taxable income to the lessor, the amount or the tax deductible by the lessor.
11. In addition to business expenses allowable as deductions to a private educational institution, it may deduct expenditures otherwise considered as capital outlays of depreciable assets incurred during the taxable year for the expansion of school facilities, or deduct allowance for depreciation thereof.
12. Interest, to qualify for deductibility must be stipulated in writing and must have been paid or accrued within the taxable year.
13. If a taxpayer carries incidental materials or supplies on hand for which no record of consumption is kept or of which no physical inventories are taken, it is permissible for him to include in his expenses and deduct from gross income, the total of such supplies and materials purchased during the year, provided the net income is clearly reflected in this method.