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Question 71 of 75. When a taxpayer buys a new vehicle for business use you should Encourage them to take both the Section 179
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Question 71 of 75-

Answer:

Discuss how section 179 and bonus depreciation will effect this year's tax return as well as future years, and let them decide what is best for them.

Explanation: We can encourage them to take 179 deduction and bonus depreciation, but the decision of getting benefits of these options can be drop with business already is carrying net loss during the year.

Question: 68 of 75-

Answer:

When using the standard mileage, combine the mileage of all vehicles into one entry.

Explanation: For accurate accounting of expenses on more than one vehicle, first we have to make a separate entry of each vehicle to keep a track of expenses per vehicle. For more effective presentation, combine the mileage of all vehicles in to one entry so that it becomes easier to know the efficiency of vehicles.

Question: 63 of 75-

Answer:

limited partnership in which partner does not participate in the business activities.

Explanation: Passive activity means taxpayer does not participate in activities in the tax year.

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