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Question;Ch. 6 TF;Question 1 1;/ 1 point;Two-thirds of treble damage payments under the antitrust law;are not deductible.;True;False;View Feedback;Question 2 1;/ 1 point;Martha rents part of her personal residence in the summer;for 3 weeks for $3,000. Anne rents all of her personal residence for one week;in December for $2,500. Anne is not required to include the $2,500 in her gross;income whereas Martha is required to include the $3,000 in her gross income.;True;False;View Feedback;Question 3 1;/ 1 point;Alice incurs qualified moving expenses of $12,000. If she is;reimbursed by her employer, the deduction is classified as a deduction for AGI.;If not reimbursed, the deduction is classified as an itemized deduction.;True;False;View Feedback;Question 4 1;/ 1 point;If a taxpayer operates an illegal business, no deductions;are permitted.;True;False;View Feedback;Question 5 1;/ 1 point;Jacques, who is not a U.S. citizen, makes a contribution to;the campaign of a candidate for governor. Cassie, a U.S. citizen, also makes a;contribution to the same campaign fund. If contributions by noncitizens are;illegal under state law, the contribution by Cassie is deductible, while that;by Jacques is not.;True;False;View Feedback;Question 6 1;/ 1 point;If an activity involves horses, a profit in at least two of;seven consecutive years meets the presumptive rule of ? 183.;True;False;Question 7 1;/ 1 point;The amount of the addition to the reserve for bad debts for;an accrual method taxpayer is allowed as a deduction for tax purposes, but is;not allowed for a cash method taxpayer.;True;False;View Feedback;Question 8 1;/ 1 point;A vacation home at the beach which is rented for 200 days;and used personally for 16 days is classified in the personal/rental use;category.;True;False;View Feedback;Question 9 1;/ 1 point;Only under limited circumstances can a loss on the sale of a;personal use asset be deducted.;True;False;View Feedback;Question 10 1;/ 1 point;In determining whether an activity should be classified as a;business or as a hobby, the satisfaction of the presumption (i.e., profit in at;least 3 out of 5 years) ensures treatment as a business.;True;False

 

Paper#48471 | Written in 18-Jul-2015

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