Homework Answers
| Which of the following is NOT a necessary expense? Food and clothing. College tuition. Housing. Vehicle maintenance. | Vehicle maintenance. | Car ownership is not an absolute necessity, and there are alternative transportation options. If possible, use public transport, carpool, bike, or walk instead. Not only can these help a person meet their budget, but they are also eco-friendly . |
| Which of the following affects your client's equity in assets? Loans against the asset. Appraisal. How long the asset has been owned. Both 1 and 2 | Loans against the asset. | Equity is the difference between the value of the assets and the value of the liabilities of something owned so Loans against the asset affects the client's equity in assets |
| The difference in the lump-sum and periodic payment plan calculation is: | The monthly disposable income | For Offer in Compromise one has to determine how much equity he has in his assets, as well as how much disposable income he has at the end of each month but only difference the two is monthly disposable income |
| One of the prerequisites for obtaining a collection alternative from the IRS is: Filing compliance Payment complianc An unpaid balance for no more than three years. Both 1 and 2 | Payment compliance | Collection Alternatives are :-Extension of Time to Pay – Installment Agreement ,Offer in Compromise ,Currently not Collectible |
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es gov Section 1 Question 1 of 15. Which of the following is NOT a necessary...
Realize Your Potential: H&R Block 1081/2019 Question 10 of 15 Hcdoes the IRS passively collect taxes? By refund...
Realize Your Potential: H&R Block 1081/2019 Question 10 of 15 Hcdoes the IRS passively collect taxes? By refund offsets. By sending notices. By issuing levies. By setting up a payment plan. Mark for follow up Question 11 of 15 Which of the following is a way the IRS handles expenses differently for an offer in compromise (OIC) than with other collection alternatives? Conditional expenses are not allowed for an OIC. OIC allows for additional necessary expenses for car operating and...
Question 4 of 15. Martha is a 50% partner in a general partnership. Which of the...
Question 4 of 15. Martha is a 50% partner in a general partnership. Which of the following would be considered a guaranteed payment to Martha? Ооос A payment made to Martha from the profits of the partnership A loan payment from the partnership to pay back a loan from Martha. A loan payment from Martha to pay back a loan from the partnership. A payment made to Martha without regard to the income of the partnership. Mark for follow up
Test - Intermediate Credits (20 Section 1 Question 1 of 28. Which of the following statements...
Test - Intermediate Credits (20 Section 1 Question 1 of 28. Which of the following statements about deductions is FALSE? Deductions can lead to a decrease in tax liability Deductions reduce taxable income. Deductions are an adjustment to income. O Deductions can reduce tax liability directly Mark for follow up Save / Return Later Summary Next »
Schedules K-1 Question 44 of 50. Which of the following is NOT an increase in figuring...
Schedules K-1 Question 44 of 50. Which of the following is NOT an increase in figuring an S corporation shareholder's stock basis O Adjusted basis in property contributed to the corporation. O Money contributed to the corporation by the shareholder. O Shareholder's share of the corporation's annual income. O Money distributed to the shareholder. D Mark for follow up Question 45 of 50. An example of passive income is – O Income from real estate ventures for a non-real estate...
Section 1 Question 1 of 15. Leo uses the simplified method to determine the taxable amount...
Section 1 Question 1 of 15. Leo uses the simplified method to determine the taxable amount of his pension. Which of the following statements is true: The tax-free portion of Leo's distribution is determined using his age and the age of any survivor beneficiary as of December 31 of starting date. The tax-free part of the payment will remain the same each year, even if the amount of the distribution changes. The tax-free portion of Leo's distribution is determined using...
Question 15 of 30. Which of the following assets is considered listed property under $280F? O...
Question 15 of 30. Which of the following assets is considered listed property under $280F? O A police car, used 75% for business. O A computer with 75% business use, located at the taxpayer's business establishment O A cell phone, used 75% for business. Video recording equipment used 75% for business, located in the taxpayer's home. Mark for follow up Next >> Summary Save / Return Later « Back
partnerships Question 18 of 75. Betty and Alan,each own 25% of partnership BAB. On October 15,...
partnerships Question 18 of 75. Betty and Alan,each own 25% of partnership BAB. On October 15, 2016. Detty partner. C October 15, 2016. O October 16, 2017 O January 31, 2017, O The partnership does not terminate. On October 16, 2017, Alan sells his interest to Bob. When does the partnership terminate sells her interest to Bob, who is 50% Mark for follow up Question 19 of 75. Which of the following is a self-employment item listed on Schedule K...
Question 5 Which of the following is a taxable benefit? Question 5 options: 1) Subsidized meals...
Question 5 Which of the following is a taxable benefit? Question 5 options: 1) Subsidized meals offered to all employees of the company assuming the price is approximately equal to the cost. 2) Payment of the tuition for an employee completing a degree that will benefit the employer. 3) A 20% discount on the cost of a newly constructed house. 4) A Christmas gift to an employee from the employer valued at $450. Question 6 Which of the following statements...
Question 1 Which of the following is true concerning Crummey powers. Allows a gift to qualify...
Question 1 Which of the following is true concerning Crummey powers. Allows a gift to qualify for the annual exclusion. Typically found within revocable trusts. Is a provision found within an irrevocable life insurance trust. Question 1 options: A - I and II B - II only C - I and III D - III only Question 2 Which of the following is not true with respect to a net gift? A - The gross amount of the gift is...
Question 15 (1 point) The following data pertain to Keahi Inc.: Net Revenue $245,000 Net Income $...
Question 15 (1 point) The following data pertain to Keahi Inc.: Net Revenue $245,000 Net Income $22,050 Total Assets $188,462 Total Liabilities $70,673 Stockholders’ Equity $117,789 Calculate the Return on assets (ROA), return on sales (ROS), total asset turnover (TA), and the financial leverage (LEV) for Keahi. Question 15 options: 1) ROA: 62.5%; ROS: 10.0%; TA: 8.5; LEV: : 1.6; 2) ROA: 10.0%; ROS: 10.0%; TA: 2.5; LEV: : 2.5; 3) ROA: 18.7%; ROS: 9.0%; TA: 1.6; LEV: : 1.3;...
Realize Your Potential: H&R Block 1081/2019 Question 10 of 15 Hcdoes the IRS passively collect taxes? By refund offsets. By sending notices. By issuing levies. By setting up a payment plan. Mark for follow up Question 11 of 15 Which of the following is a way the IRS handles expenses differently for an offer in compromise (OIC) than with other collection alternatives? Conditional expenses are not allowed for an OIC. OIC allows for additional necessary expenses for car operating and...
Question 4 of 15. Martha is a 50% partner in a general partnership. Which of the following would be considered a guaranteed payment to Martha? Ооос A payment made to Martha from the profits of the partnership A loan payment from the partnership to pay back a loan from Martha. A loan payment from Martha to pay back a loan from the partnership. A payment made to Martha without regard to the income of the partnership. Mark for follow up
Test - Intermediate Credits (20 Section 1 Question 1 of 28. Which of the following statements about deductions is FALSE? Deductions can lead to a decrease in tax liability Deductions reduce taxable income. Deductions are an adjustment to income. O Deductions can reduce tax liability directly Mark for follow up Save / Return Later Summary Next »
Schedules K-1 Question 44 of 50. Which of the following is NOT an increase in figuring an S corporation shareholder's stock basis O Adjusted basis in property contributed to the corporation. O Money contributed to the corporation by the shareholder. O Shareholder's share of the corporation's annual income. O Money distributed to the shareholder. D Mark for follow up Question 45 of 50. An example of passive income is – O Income from real estate ventures for a non-real estate...
Section 1 Question 1 of 15. Leo uses the simplified method to determine the taxable amount of his pension. Which of the following statements is true: The tax-free portion of Leo's distribution is determined using his age and the age of any survivor beneficiary as of December 31 of starting date. The tax-free part of the payment will remain the same each year, even if the amount of the distribution changes. The tax-free portion of Leo's distribution is determined using...
Question 15 of 30. Which of the following assets is considered listed property under $280F? O A police car, used 75% for business. O A computer with 75% business use, located at the taxpayer's business establishment O A cell phone, used 75% for business. Video recording equipment used 75% for business, located in the taxpayer's home. Mark for follow up Next >> Summary Save / Return Later « Back
partnerships Question 18 of 75. Betty and Alan,each own 25% of partnership BAB. On October 15, 2016. Detty partner. C October 15, 2016. O October 16, 2017 O January 31, 2017, O The partnership does not terminate. On October 16, 2017, Alan sells his interest to Bob. When does the partnership terminate sells her interest to Bob, who is 50% Mark for follow up Question 19 of 75. Which of the following is a self-employment item listed on Schedule K...
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