Question 1

After the automatic mileage rate has been set by the IRS for a year,it can later be changed.

Accepted Answer

A) True 
 B)False

Question 2

During the year,Oscar travels from Raleigh to Moscow (Russia)on business.His time was spent as follows: 2 days travel (one day each way),2 days business,and 2 days personal.His expenses for the trip were as follows (meals and lodging reflect only the business portion):   Presuming no reimbursement,Oscar's deductible expenses are:

Accepted Answer

A) $1,800. 
B) $3,000. 
C) $4,200. 
D) $5,400. 
E) $6,200. 
A) $1,800. 
B) $3,000. 
C) $4,200. 
D) $5,400. 
E) $6,200.

Question 3

For tax purposes,"travel" is a broader classification than "transportation."

Accepted Answer

A) True 
 B)False

Question 4

After graduating from college with a degree in chemistry,Alberto obtains a job as a chemist with DuPont.Alberto's job search expenses qualify as deductions.

Accepted Answer

A) True 
 B)False

Question 5

An education expense deduction can be allowed even if the education results in a promotion or pay raise for the employee.

Accepted Answer

A) True 
 B)False

Question 6

Once set for a year,when might the IRS change the rate for the automatic mileage method?

Accepted Answer

Changes in the past have been

Question 7

In the current year,Bo accepted employment with a Kansas City law firm after graduating from law school.Her expenses for the year are listed below:
   Since Bo worked just part of the year,her salary was only $32,100.In terms of deductions from AGI,how much does Bo have?

Accepted Answer

$770.AGI is $30,000 [$32,100 (salary)- $

Question 8

For the current year,Horton was employed as a deputy sheriff of a county.He had AGI of $50,000 and the following unreimbursed employee expenses:
   How much of these expenses are allowed as deductions from AGI?

Accepted Answer

$1,400.$1,000 + $1,000 + $400 = $2,400 -

Question 9

A taxpayer takes six clients to an NBA playoff game.If all of the tickets (list price of $120 each)are purchased on the Internet for $1,800 ($300 each),only $150 ($300 * 50% cutback adjustment)per ticket is deductible.

Accepted Answer

A) True 
 B)False

Question 10

Merrill is a participant in a SIMPLE § 401(k)plan,and he elects to contribute 4% of his $40,000 compensation to the account,while his employer contributes 3%.What amount will vest immediately,if any?

Accepted Answer

A) $0. 
B) $1,200. 
C) $1,600. 
D) $2,800. 
E) None of the above. 
A) $0. 
B) $1,200. 
C) $1,600. 
D) $2,800. 
E) None of the above.

After the automatic mileage rate has been set by the IRS for a year,it can later be changed.

For tax purposes,"travel" is a broader classification than "transportation."

After graduating from college with a degree in chemistry,Alberto obtains a job as a chemist with DuPont.Alberto's job search expenses qualify as deductions.

An education expense deduction can be allowed even if the education results in a promotion or pay raise for the employee.

Once set for a year,when might the IRS change the rate for the automatic mileage method?

In the current year,Bo accepted employment with a Kansas City law firm after graduating from law school.Her expenses for the year are listed below: Since Bo worked just part of the year,her salary was only $32,100.In terms of deductions from AGI,how much does Bo have?

For the current year,Horton was employed as a deputy sheriff of a county.He had AGI of $50,000 and the following unreimbursed employee expenses: How much of these expenses are allowed as deductions from AGI?

A taxpayer takes six clients to an NBA playoff game.If all of the tickets (list price of $120 each)are purchased on the Internet for $1,800 ($300 each),only $150 ($300 * 50% cutback adjustment)per ticket is deductible.

Merrill is a participant in a SIMPLE § 401(k)plan,and he elects to contribute 4% of his $40,000 compensation to the account,while his employer contributes 3%.What amount will vest immediately,if any?

An Introduction to Taxation and Understanding 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

Part 1--Property Transactions: Determination of Gain or Loss,basis Considerations,and Nontaxable Exchanges

Part 2--Property Transactions: Determination of Gain or Loss,basis Considerations,and Nontaxable Exchanges

Property Transactions: Capital Gains and Losses,1231,and Recapure Provisions

Alternative Minimum Tax

Accounting Periods and Methods

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Distributions Not in Complete Liquidation

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

Filters

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

After the automatic mileage rate has been set by the IRS for a year,it can later be changed.

For tax purposes,"travel" is a broader classification than "transportation."

After graduating from college with a degree in chemistry,Alberto obtains a job as a chemist with DuPont.Alberto's job search expenses qualify as deductions.

An education expense deduction can be allowed even if the education results in a promotion or pay raise for the employee.

Once set for a year,when might the IRS change the rate for the automatic mileage method?

In the current year,Bo accepted employment with a Kansas City law firm after graduating from law school.Her expenses for the year are listed below: Since Bo worked just part of the year,her salary was only $32,100.In terms of deductions from AGI,how much does Bo have?

For the current year,Horton was employed as a deputy sheriff of a county.He had AGI of $50,000 and the following unreimbursed employee expenses: How much of these expenses are allowed as deductions from AGI?

A taxpayer takes six clients to an NBA playoff game.If all of the tickets (list price of $120 each)are purchased on the Internet for $1,800 ($300 each),only $150 ($300 * 50% cutback adjustment)per ticket is deductible.

Merrill is a participant in a SIMPLE § 401(k)plan,and he elects to contribute 4% of his $40,000 compensation to the account,while his employer contributes 3%.What amount will vest immediately,if any?

An Introduction to Taxation and Understanding 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

Part 1--Property Transactions: Determination of Gain or Loss,basis Considerations,and Nontaxable Exchanges

Part 2--Property Transactions: Determination of Gain or Loss,basis Considerations,and Nontaxable Exchanges

Property Transactions: Capital Gains and Losses,1231,and Recapure Provisions

Alternative Minimum Tax

Accounting Periods and Methods

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Distributions Not in Complete Liquidation

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

Filters