Filters
Question type
Study Flashcards

Susan is a sales representative for a U.S.weapons manufacturer.She makes a $100,000 "grease" payment to a U.S.government official associated with a weapons purchase by the U.S.Army.She makes a similar payment to a Saudi Arabian government official associated with a similar sale.Neither of these payments is deductible by Susan's employer.

A) True
B) False

Correct Answer

verifed

verified

Discuss the application of the "one-year rule" on prepayments by a cash basis taxpayer.

Correct Answer

verifed

verified

The Regulations set forth the general ru...

View Answer

Petula's business sells heat pumps which have a one-year warranty.Based on historical data,the warranty costs amount to 11% of sales.During 2016,heat pump sales are $400,000.Actual warranty expenses paid in 2016 are $40,000. a.Determine the amount of the warranty expense deduction for 2016 if Petula's business uses the accrual method. b.How would your answer change if Petula used the cash method for extended warranties and the purchasers paid $25,000 for the warranties which covered the second and third years of ownership?

Correct Answer

verifed

verified

a.Even though Petula's business uses the...

View Answer

In applying the $1 million limit on deducting executive compensation,what corporations are subject to the deduction limit? What executives are covered?

Correct Answer

verifed

verified

The $1 million limit on deducting the co...

View Answer

Which of the following is incorrect?


A) Alimony is a deduction for AGI.
B) The expenses associated with royalty property are a deduction from AGI.
C) Contributions to a traditional IRA are a deduction for AGI.
D) Property taxes on taxpayer's personal residence are a deduction from AGI
E) All of the above are correct.

F) None of the above
G) A) and C)

Correct Answer

verifed

verified

Showing 141 - 145 of 145

Related Exams

Exam 1

An Introduction to Taxation and Understanding the Federal Law

194 Questions

Exam 2

Working With the Tax Law

86 Questions

Exam 3

Tax Formula and Tax Determination an Overview of Property Transactions

187 Questions

Exam 4

Gross Income Concepts and Inclusions

122 Questions

Exam 5

Gross Income Exclusions

110 Questions

Exam 7

Deductions and Losses Certain Business Expenses and Losses

123 Questions

Exam 8

Depreciation Cost Recovery Amortization and Depletion

103 Questions

Exam 9

Deductions Employee and Self Employed Related Expenses

177 Questions

Exam 10

Deduction and Losses Certain Itemized Deductions

105 Questions

Exam 11

Investor Losses

110 Questions

Exam 12

Alternative Minimum Tax

120 Questions

Exam 13

Tax Credits and Payment Procedures

121 Questions

Exam 14

Property Transactions Determination of Gain and Loss and Basic Considerations

143 Questions

Exam 15

Property Transactions Nontaxable Exchanges

120 Questions

Exam 16

Property Transactions Capital Gains and Losses

72 Questions

Exam 17

Property Transactions Section 1231 and Recapture Provisions

70 Questions

Exam 18

Accounting Periods and Methods

108 Questions

Exam 19

Deferred Compensation

99 Questions

Exam 20

Corporations and Partnerships

198 Questions

Show Answer