Homework Answers
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| Answer 48 |
| Option a |
| Mileage of each use would not include the mileage of other business use. |
| As per IRS, you would enter the same vehicle for both business. The total mileage and miles commuted would be the same. But you should report only the mileage specific to each business. The total business miles should be the sum of your entries for each business. |
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Question 48 of 50. When one vehicle is used for more than one business purpose, the...
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,...
To apply expenses to more than one vehicle to a single business use a only the...
To apply expenses to more than one vehicle to a single business use a only the actual business expense method may be used b deduct expenses using the same method for both c When using the standard mileage come by in the mileage of all vehicles into one entry d make a separate entry for each vehicle
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...
50 $1,600 $2.288 $3,041 Mark for follow up Question 71 of 75 Calculate actual vehicle expenses...
50 $1,600 $2.288 $3,041 Mark for follow up Question 71 of 75 Calculate actual vehicle expenses for Salomon a small business owner whose income is reported on Schedule C. He drove 24.531 miles in his fully depreciated 2009 Miata. The vehicle is used solely for business. His expenses include • $2,453 gas • $320 oil changes • SPOD insurance . $105 personal property tax 598 tolls and parking - $45 parking ticket • $75 auto club $2.977 $3,877 $3.952 $3.997...
Question 55 of 75. The Tax Code requires substan all of the fol purpose/business relationshi O...
Question 55 of 75. The Tax Code requires substan all of the fol purpose/business relationshi O Expenses are clearly ordinary and necessary O The employer provides an advance to the employee. O The standard meal rate is used for travel meals and travel mea O The owing--the amount of the expense, the time, place, or description, and business XCEPTwhen: Is are the only expense Form 2108 reimbursement is from a nonaccountable plan, and the employee deducts the expenses on Mark...
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...
Which of the following employees may NOT use Form 2106? O Armed Forces reservists O Employees...
Which of the following employees may NOT use Form 2106? O Armed Forces reservists O Employees with impairment-related expenses. O Qualified performing artists. Employees with business related travel expenses. Mark for follow up Question 30 of 30. Ross is not great at keeping receipts and records, but he managed to keep track of all of his mileage (23,973 total mileage and 19,433 business use) and about 60% of his receipts for gas, oil changes, repairs, and maintenance. H receipts total...
income tax question Juan should estimate his total vehicle expenses for the year, then WUULI UN...
income tax question
Juan should estimate his total vehicle expenses for the year, then WUULI UN UFU Juan could have leased a comparable vehicle for $3,600 for 2018. Therefore, he should deduct $3,600 as a business expense Juan can only deduct his vehicle expenses if an attempt is made to reconstruct his records. If the records reconstructed then Juan should not claim any vehicle expenses. Mark for follow up Question 11 of 75. A business may elect to deduct a...
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? One Form 6252 reports the entire disposition. O Separate Forms 6252 are completed for each asset. O One Form 625 O Separate Forms 6252 are completed for each asset class and type. 2 is completed for the tangible assets, and another is completed for intangible assets. Mark for follow up L ue uplele fo éach asset class and type. □Mark for follow...
Your small remodeling business has two work vehicles. One is a small passenger car used for...
Your small remodeling business has two work vehicles. One is a small passenger car used for job-site visits and for other general business purposes. The other is a heavy truck used to haul equipment. The car gets 25 miles per gallon (mpg). The truck gets 10 mpg. You want to improve gas mileage to save money, and you have enough money to upgrade one vehicle. The upgrade cost will be the same for both vehicles. An upgraded car will get...
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 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...
50 $1,600 $2.288 $3,041 Mark for follow up Question 71 of 75 Calculate actual vehicle expenses for Salomon a small business owner whose income is reported on Schedule C. He drove 24.531 miles in his fully depreciated 2009 Miata. The vehicle is used solely for business. His expenses include • $2,453 gas • $320 oil changes • SPOD insurance . $105 personal property tax 598 tolls and parking - $45 parking ticket • $75 auto club $2.977 $3,877 $3.952 $3.997...
Question 55 of 75. The Tax Code requires substan all of the fol purpose/business relationshi O Expenses are clearly ordinary and necessary O The employer provides an advance to the employee. O The standard meal rate is used for travel meals and travel mea O The owing--the amount of the expense, the time, place, or description, and business XCEPTwhen: Is are the only expense Form 2108 reimbursement is from a nonaccountable plan, and the employee deducts the expenses on Mark...
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...
Which of the following employees may NOT use Form 2106? O Armed Forces reservists O Employees with impairment-related expenses. O Qualified performing artists. Employees with business related travel expenses. Mark for follow up Question 30 of 30. Ross is not great at keeping receipts and records, but he managed to keep track of all of his mileage (23,973 total mileage and 19,433 business use) and about 60% of his receipts for gas, oil changes, repairs, and maintenance. H receipts total...
income tax question
Juan should estimate his total vehicle expenses for the year, then WUULI UN UFU Juan could have leased a comparable vehicle for $3,600 for 2018. Therefore, he should deduct $3,600 as a business expense Juan can only deduct his vehicle expenses if an attempt is made to reconstruct his records. If the records reconstructed then Juan should not claim any vehicle expenses. Mark for follow up Question 11 of 75. A business may elect to deduct a...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? One Form 6252 reports the entire disposition. O Separate Forms 6252 are completed for each asset. O One Form 625 O Separate Forms 6252 are completed for each asset class and type. 2 is completed for the tangible assets, and another is completed for intangible assets. Mark for follow up L ue uplele fo éach asset class and type. □Mark for follow...
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