Question 1

All of the following are allowed a "for AGI" deduction except:

Accepted Answer

A) Cora owns her own CPA firm and travels from Lafayette,LA.to Washington,D.C.to attend a tax conference. 
B) Jennifer,who lives in Houston,is the owner or several apartment buildings in Salt Lake City and travels there to inspect and manage her investments. 
C) Alan is self-employed and is away from home overnight on job-related business. 
D) Alison is an employee who is required to travel to company facilities throughout the U.S.in the conduct of her management responsibilities.She is not reimbursed by her employer. 
A) Cora owns her own CPA firm and travels from Lafayette,LA.to Washington,D.C.to attend a tax conference. 
B) Jennifer,who lives in Houston,is the owner or several apartment buildings in Salt Lake City and travels there to inspect and manage her investments. 
C) Alan is self-employed and is away from home overnight on job-related business. 
D) Alison is an employee who is required to travel to company facilities throughout the U.S.in the conduct of her management responsibilities.She is not reimbursed by her employer.

Question 2

A three-day investment conference is held in Las Vegas.Dr.Singh,a dentist,travels from Ohio to attend to improve his taxable investment portfolio performance.Ms.Gondin,a financial planner,travels from Seattle to attend the same conference to improve her skills in managing her clients' investment portfolios.The same standards of deductibility will apply to both attendees.

Accepted Answer

A) True 
 B)False

Question 3

At her employer's request,Kim moves from Albany to Chicago.She incurs $20,000 of costs to move her household goods and to travel to the new location,plus $8,000 of temporary living expenses because the new home was not ready when she needed to start work.Her employer reimburses her the full $28,000 cost associated with the move.She cannot deduct the moving costs,but she is not economically impacted because she is fully reimbursed.

Accepted Answer

A) True 
 B)False

Question 4

Hunter retired last year and will receive annuity payments for life from his employer's qualified retirement plan of $30,000 per year starting this year.During his years of employment,Hunter contributed $130,000 to the plan.Based on IRS tables,his life expectancy is 260 months.All of the contributions were on a pre-tax basis.This year,Hunter will include what amount in income?

Accepted Answer

A) $0 
B) $6,000 
C) $24,000 
D) $30,000 
A) $0 
B) $6,000 
C) $24,000 
D) $30,000

Question 5

Fin is a self-employed tutor,regularly meeting with clients in a 100 square foot area of his home.Fin is terrible at keeping records.Without the records,he will be able to deduct $500 for a home office deduction for AGI.

Accepted Answer

A) True 
 B)False

Question 6

When a public school system requires advanced education for a teacher to continue employment,the teacher's expenses are a deductible education expense.

Accepted Answer

A) True 
 B)False

Question 7

David acquired an automobile for $30,000 for use in his unincorporated business at the beginning of 2015 and used the standard mileage rate method in 2015.He plans to switch to the actual expense method for 2016.The automobile was used 25,000 miles in 2015.What is the amount of the adjusted basis of the automobile for purposes of computing depreciation in 2016?

Accepted Answer

A) $30,000 
B) $15,625 
C) $24,000 
D) $20,000 
A) $30,000 
B) $15,625 
C) $24,000 
D) $20,000

All of the following are allowed a "for AGI" deduction except:

Fin is a self-employed tutor,regularly meeting with clients in a 100 square foot area of his home.Fin is terrible at keeping records.Without the records,he will be able to deduct $500 for a home office deduction for AGI.

When a public school system requires advanced education for a teacher to continue employment,the teacher's expenses are a deductible education expense.

Tax Research

an Introduction to Taxation

Corporate Formations and Capital Structure

Determination of Tax

The Corporate Income Tax

Gross Income: Inclusions

Corporate Nonliquidating Distributions

Gross Income: Exclusions

Other Corporate Tax Levies

Property Transactions: Capital Gains and Losses

Corporate Liquidating Distributions

Deductions and Losses

Corporate Acquisitions and Reorganizations

Itemized Deductions

Consolidated Tax Returns

Losses and Bad Debts

Partnership Formation and Operation

Special Partnership Issues

Depreciation,cost Recovery,amortization,and Depletion

Corporations

Accounting Periods and Methods

The Gift Tax

Property Transactions: Nontaxable Exchanges

The Estate Tax

Property Transactions: Section 1231 and Recapture

Income Taxation of Trusts and Estates

Special Tax Computation Methods,tax Credits,and Payment of Tax

Administrative Procedures

Filters

Exam 18: Employee Expenses and Deferred Compensation

All of the following are allowed a "for AGI" deduction except:

Fin is a self-employed tutor,regularly meeting with clients in a 100 square foot area of his home.Fin is terrible at keeping records.Without the records,he will be able to deduct $500 for a home office deduction for AGI.

When a public school system requires advanced education for a teacher to continue employment,the teacher's expenses are a deductible education expense.

Tax Research

an Introduction to Taxation

Corporate Formations and Capital Structure

Determination of Tax

The Corporate Income Tax

Gross Income: Inclusions

Corporate Nonliquidating Distributions

Gross Income: Exclusions

Other Corporate Tax Levies

Property Transactions: Capital Gains and Losses

Corporate Liquidating Distributions

Deductions and Losses

Corporate Acquisitions and Reorganizations

Itemized Deductions

Consolidated Tax Returns

Losses and Bad Debts

Partnership Formation and Operation

Special Partnership Issues

Depreciation,cost Recovery,amortization,and Depletion

Corporations

Accounting Periods and Methods

The Gift Tax

Property Transactions: Nontaxable Exchanges

The Estate Tax

Property Transactions: Section 1231 and Recapture

Income Taxation of Trusts and Estates

Special Tax Computation Methods,tax Credits,and Payment of Tax

Administrative Procedures

Filters