Homework Answers
3.The AGI phaseout threshold for bonus depreciation is lower than the threshold for the $179 deduction.
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Question 12 of 30. If an asset is eligible for bonus depreciation, which of the following...
federal income tax question Mark for follow up Question 6 of 12 Which of the following...
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
Question 71 of 75. When a taxpayer buys a new vehicle for business use you should...
Question 71 of 75. When a taxpayer buys a new vehicle for business use you should Encourage them to take both the Section 179 deduction and bonus depreciation to benefit on this year's tax return. Explain to them that bonus depreciation is automatically calculated because they should take it. Discourage them from taking a Section 179 deduction because it is rarely beneficial. Discuss how Section 179 and bonus depreciation will effect this year's tax return, as well as future years,...
Question 69 of 75. Which of the following is a correct statement in regard to an NOL? The NOL deduction is limited...
Question 69 of 75. Which of the following is a correct statement in regard to an NOL? The NOL deduction is limited to 80% of taxable income (determined without regard to the deduction), in losses that arvsem tax years beginning after December 31, 2017 O Beginning in tax years after December 31, 2017, taxpayers may take 100% of an NOL in the year following the loss. Taxpayers will need to make a distinction between NOLs that occurred before January 1,...
Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both...
Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both business and personal use. He purchased his Toyota Highlander on July 4, 2017. for $35,000. Lawrence immediately began using it for his business. He did not claim special (bonus) depreciation or a $179 deduction. He keeps a specific mileage log for his business use. His mileage records for 2018 indicate that he drove his car a total of 17,824 miles with 4,839 miles of...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes qualified dividends? O Dividend distributions that are considered a return of capital. o Ordinary dividends that are subject to the same maximum tax rate that applies to O Dividends that may be used to purchase additional shares in a corporation. O Dividends that are distributed when a corporation issues an additional amount o current shares owned by the taxpayer. Mark for follow up «...
Question 53 of 75. Taxpayers who recover all or part of an item that they deducted...
Question 53 of 75. Taxpayers who recover all or part of an item that they deducted or took a credit for in a prior year must report the same amount as O Taxable income. O A refundable credit O A negative deduction O A negative credit Mark for follow up « Back Save / Return Later Summary Next >> If a taxpayer who paid points to lower the rate of interest on a refinanced loan pays off the mortgage early
federal income tax question Mark for follow up Question 3 of 12 Which statement is TRUE...
federal income tax question
Mark for follow up Question 3 of 12 Which statement is TRUE regarding the redesigned 2020 Form W.4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
Question 23 of 75. How is the installment sale of an entire business reported on the...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? O One Form 6252 reports the entire disposition. O Separate Foms 6252 are completed for each asset O One Form 6252 is completed for the tangible assets,and anotheris complated for intangible asset O Separate Foms 6252 are completed for each asset class and type. □Mark for follow up Question 24 of 75. Which of the following taxpayers would be most likely to...
MBK Tor Torow up Question 8 of 30. For the year in which one taxpayer sells an entire business to another taxpayer,...
MBK Tor Torow up Question 8 of 30. For the year in which one taxpayer sells an entire business to another taxpayer, who is responsible for filing a form 8594? The seller, who files one Form 8594 for both of them. O Both the buyer and the seller, who each file Form 8594. The buyer, who files one Form 8594 for both of them. The realtor, who files one Form 8594 for each of them. Mark for follow up Summary...
Question 20 of 75. In January 2009. Julius purchased for $110,000 a rental house which he...
Question 20 of 75. In January 2009. Julius purchased for $110,000 a rental house which he immediately placed in service. The purchase price included $10,000 for the land. In August of 2018, he decided to sell the house to the tenant. How much depreciation may he deduct in 2018? O $1,364 O $2,273 O $3,485 O $3,636 Mark for follow up Question 35 of 75. Raul purchased a new office computer system on February 15, 2017, at a cost of...
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
Question 71 of 75. When a taxpayer buys a new vehicle for business use you should Encourage them to take both the Section 179 deduction and bonus depreciation to benefit on this year's tax return. Explain to them that bonus depreciation is automatically calculated because they should take it. Discourage them from taking a Section 179 deduction because it is rarely beneficial. Discuss how Section 179 and bonus depreciation will effect this year's tax return, as well as future years,...
Question 69 of 75. Which of the following is a correct statement in regard to an NOL? The NOL deduction is limited to 80% of taxable income (determined without regard to the deduction), in losses that arvsem tax years beginning after December 31, 2017 O Beginning in tax years after December 31, 2017, taxpayers may take 100% of an NOL in the year following the loss. Taxpayers will need to make a distinction between NOLs that occurred before January 1,...
Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both business and personal use. He purchased his Toyota Highlander on July 4, 2017. for $35,000. Lawrence immediately began using it for his business. He did not claim special (bonus) depreciation or a $179 deduction. He keeps a specific mileage log for his business use. His mileage records for 2018 indicate that he drove his car a total of 17,824 miles with 4,839 miles of...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes qualified dividends? O Dividend distributions that are considered a return of capital. o Ordinary dividends that are subject to the same maximum tax rate that applies to O Dividends that may be used to purchase additional shares in a corporation. O Dividends that are distributed when a corporation issues an additional amount o current shares owned by the taxpayer. Mark for follow up «...
Question 53 of 75. Taxpayers who recover all or part of an item that they deducted or took a credit for in a prior year must report the same amount as O Taxable income. O A refundable credit O A negative deduction O A negative credit Mark for follow up « Back Save / Return Later Summary Next >> If a taxpayer who paid points to lower the rate of interest on a refinanced loan pays off the mortgage early
federal income tax question
Mark for follow up Question 3 of 12 Which statement is TRUE regarding the redesigned 2020 Form W.4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? O One Form 6252 reports the entire disposition. O Separate Foms 6252 are completed for each asset O One Form 6252 is completed for the tangible assets,and anotheris complated for intangible asset O Separate Foms 6252 are completed for each asset class and type. □Mark for follow up Question 24 of 75. Which of the following taxpayers would be most likely to...
MBK Tor Torow up Question 8 of 30. For the year in which one taxpayer sells an entire business to another taxpayer, who is responsible for filing a form 8594? The seller, who files one Form 8594 for both of them. O Both the buyer and the seller, who each file Form 8594. The buyer, who files one Form 8594 for both of them. The realtor, who files one Form 8594 for each of them. Mark for follow up Summary...
Question 20 of 75. In January 2009. Julius purchased for $110,000 a rental house which he immediately placed in service. The purchase price included $10,000 for the land. In August of 2018, he decided to sell the house to the tenant. How much depreciation may he deduct in 2018? O $1,364 O $2,273 O $3,485 O $3,636 Mark for follow up Question 35 of 75. Raul purchased a new office computer system on February 15, 2017, at a cost of...
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