Ralph made the following business gifts during the year. $\begin{array} { l } \text { To Robert (a key client) at Christmas} &\$50\\ \text {To Angel (Robert's 8-year old daughter) on her birthday } &20\\ \text {To Ast (Ralph's secretary) on his birthday ( \( \$ 3 $ was for gift wrapping) } &30\\ \text {To Paige (Ralph's boss) at Christmas } &40\\ \end{array}\) Presuming proper substantiation, Ralph's deduction is:

A) $0. B) $53. C) $73. D) $78. E) $98. A) $0. B) $53. C) $73. D) $78. E) $98.

Exam 9: Deductions: Employee and Self-Employed-Related Expenses

Ralph made the following business gifts during the year. To Robert (a key client) at Christmas \5 0 To Angel (Robert's 8-year old daughter) on her birthday 20 To Ast (Ralph's secretary) on his birthday ( \ 3 was for gift wrapping) 30 To Paige (Ralph's boss) at Christmas 40 Presuming proper substantiation, Ralph's deduction is:

(Multiple Choice)

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Question 121

On their birthdays, Lily sends gift certificates (each valued at $25) to Caden (a key client) and to each of Caden's two minor children. Lily can deduct only $25 for these gifts.

(True/False)

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Question 122

Under the actual expense method, which of the following expenses, if any, will not be allowed?

(Multiple Choice)

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Question 123

Felicia, a recent college graduate, is employed as an accountant by an oil company. She would like to continue her education and obtain a law degree. Discuss Felicia's tax status if she attends a local law school on a: a. Part-time basis. b. Full-time basis.

(Essay)

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Question 124

A taxpayer who always claims the standard deduction (i.e., does not itemize his or her deductions from AGI) may still be able to receive a tax benefit from any education expenses incurred.

(True/False)

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Question 125

If an individual is subject to the direction or control of another only to the extent of the end result but not as to the means of accomplishment, an employer-employee relationship does not exist.

(True/False)

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Question 126

Showing 121 - 126 of 126

On their birthdays, Lily sends gift certificates (each valued at $25) to Caden (a key client) and to each of Caden's two minor children. Lily can deduct only $25 for these gifts.

Under the actual expense method, which of the following expenses, if any, will not be allowed?

Felicia, a recent college graduate, is employed as an accountant by an oil company. She would like to continue her education and obtain a law degree. Discuss Felicia's tax status if she attends a local law school on a: a. Part-time basis. b. Full-time basis.

A taxpayer who always claims the standard deduction (i.e., does not itemize his or her deductions from AGI) may still be able to receive a tax benefit from any education expenses incurred.

If an individual is subject to the direction or control of another only to the extent of the end result but not as to the means of accomplishment, an employer-employee relationship does not exist.

Understanding and Working With the Federal Tax Law

Working With the Tax Law

Computing the Tax

Gross Income: Concepts and Inclusions

Gross Income: Exclusions

Deductions and Losses: in General

Deductions and Losses: Certain Business Expenses and Losses

Depreciation, Cost Recovery, Amortization, and Depletion

Deductions and Losses: Certain Itemized Deductions

Investor Losses

Tax Credits and Payments

Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges

Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions

Taxing Business Income

Accounting Periods and Methods

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Distributions Not in Complete Liquidation

Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations

Partnerships

S Corporations

Exempt Entities

Multistate Corporate Taxation

Taxation of International Transactions

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Income Taxation of Trusts and Estates

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