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Bloom’s: Analyze AACSB: Reflective Thinking AICPA: BB Critical Thinking 12) When considering cash outflows, higher present values are preferred.

Answer: FALSE Difficulty: 1 Easy Topic: Timing Strategies Learning Objective: 03-03 Apply the concept of present value to tax planning.

Bloom’s: Analyze AACSB: Reflective Thinking AICPA: BB Critical Thinking 3) Virtually every transaction involves the taxpayer and two other parties that have an interest in the tax ramifications of the transaction.Bloom’s: Analyze AACSB: Reflective Thinking AICPA: FN Decision Making 18) The timing strategy becomes more attractive if a taxpayer is able to accelerate deductions by two or more years (versus one year).Bloom’s: Analyze AACSB: Reflective Thinking AICPA: FN Decision Making 19) One limitation of the timing strategy is the difficulties in accelerating a tax deduction without accelerating the actual cash outflow that generates the tax deduction.Difficulty: 1 Easy Topic: Timing Strategies; Conversion Strategies Learning Objective: 03-02 Apply the timing strategy and describe its applications and limitations.; 03-05 Apply the conversion strategy, provide examples, and describe its limitations.Bloom’s: Analyze AACSB: Reflective Thinking AICPA: FN Decision Making 15) The timing strategy is particularly effective for cash basis taxpayers.

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Bloom’s: Analyze AACSB: Analytical Thinking AICPA: BB Critical Thinking 10) Future value can be computed as Future Value = Present Value/(1 r)n.