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Question 9 of 75. Which of the following is true of spouses who have made the election to operate as a qualified joint venture? O They must use the MFS fling status. O They may combine their income on a joint Schedule C. O Each files their own Schedule C and their own Schedule SE O They may jointly deduct the expenses of the business. I Mark for follow up Question 10 of 75. Larry uses an accrual method of accounting and a calendar year. On amount of the bill. The client paid Larrys bill in 2018. In which year should he report the income from this project? O He should report the income in 2018. D He may choose to report the income in either 2017 or 2018 D He should report the income in 2017 r 30, 2017, he completed work for a client an He should report half of the income in 2017 and half in 2018 Il Mark for follow up Question 11 of 75. A business may elect to deduct a limited amount of start-up costs in the year the business begins. What is the maximum amo D $10.000 D s5.000 D/$3.000
Question 8 of 75. For which of these client scenarios do you need to prepare a Schedule C? O Carlos has a Form W.2G showing $25,000 in winnings from playing blackjack. He has records showing he spent $30,000 playing blackjack O Soledad has a Form 1099-MISC showing $1.300 in box 3 for winning a neighborhood fundraising rafle. She bought six raffe tickets for $10 each O Monica has a Form 1099-MISC showing $600 in box 7 as compensation for distributing product samples at neighborhood festivals. She incurred no expenses O Jarvis sold his car to his neighbor for $2.800 cash. He bought the car ten years ago for $20,000. □Mark for follow up Question 9 of 75 Which of the following is true of spouses who have made the election to operate as a qualified joint venture? O They must use the MFS filing status O They may combine their income on a joint Schedule C Each files their own Schedule C and their own Schedule SE They may jointly deduct the expenses of the business. Mark for follow up Question 10 of 75. 7, he completed work for a client and submitted his bill. The client h Larry uses an accrual method of accounting and a calendar year. On Decembe amount of the bill. The client paid Larrys bill in 2018. In which year should he report the income from this project? O He should report the income in 2018 O He may choose to report the income in either 2017 or 2018 O He should report the income in 2017. O He should report half of the income in 2017 and half in 2018. D Mark for follow up Question 11 of 75. to daduct a limited emount of start-up costs in the year the business begins. What is the maximum amount in the current tax year?
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Answer #1

Answer: 8

Answer is option C

Monica has a Form 1099-MISC showing $600 in box 7 as compensation for distributing product samples at neighborhood festivals. She incurred no expenses.

It is nonemployee compensation paid to an independent contractor.

Answer: 9

Answer is option C

Each files their own schedule C and Their own schedule SE

Net profit of the firm will be reported on schedule C and self-employment taxes on SE

Answer: 10

Answer is option C

He should report the income in 2017.

In accrual method, income is reported in the year in which it becomes due.

Answer: 11

Answer is option B

$5,000

The deduction for start-ups costs is limited to $5000 in the first year. The same is reduced in case of start-up costs exceeding $50000

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