Download AFSP Exam With 125 Questions and answers Newest RATED A+ 2025/26 and more Exams Nursing in PDF only on Docsity!
AFSP Exam With 125 Questions and answers
Newest RATED A+ 2025/ 26
standard Ii!mileage Ii!rate Ii!enables Ii!a Ii!taxpayer Ii!to Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!deduct Ii!vehicle Ii!expenses Ii!on Ii!per Ii!mile Ii!rate Ii!basis Ii!rather Ii!than Ii!deducting Ii!actual Ii!car Ii!expenses. Ii!Accordingly, Ii!the Ii!standard Ii!mileage Ii!rates Ii!differ Ii!from Ii!one Ii!another Ii!depending Ii!on Ii!whether Ii!the Ii!vehicle Ii!is used Ii!for: Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!Business Ii!purposes; Charitable Ii!purposes; Ii!or Obtaining Ii!medical Ii!care. Ii!Can Ii!taxpayer Ii!deduct Ii!unreimbursed Ii!employee Ii!expenses? Ii!- Ii! Ii!Correct Ii!AnswersIi! Ii! Ii! Ii!no Ii!the Ii! 2018 Ii!alternative standard Ii!mileage Ii!rate Ii!applicable Ii!to Ii!eligible Ii!business Ii!use Ii!of Ii!a Ii!vehicle Ii!is Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!54.5¢ Ii!per Ii!mile, Ii!up Ii!from Ii!53.5¢ in Ii!2017. Ii!(Business Ii!Use Ii!of Ii!a Ii!Taxpayer's Ii!Personal Ii!Vehicle) Ii!In Ii!order Ii!for Ii!such Ii!expenses Ii!to Ii!be Ii!deductible, Ii!they Ii!must Ii!have Ii!been: Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!Paid Ii!or Ii!incurred Ii!during Ii!the Ii!tax Ii!year; For Ii!the Ii!purpose Ii!of Ii!carrying Ii!on Ii!the Ii!taxpayer's Ii!trade Ii!or Ii!business; Ii!and Ordinary Ii!and Ii!necessary. Ii!Provided Ii!the Ii!vehicle Ii!expenses Ii!meeting Ii!the Ii!three Ii!criteria Ii!are Ii!not Ii!reimbursed, Ii!the Ii!deductible
personal Ii!vehicle Ii!expenses Ii!include Ii!those Ii!incurred Ii!while Ii!traveling: Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!Between Ii!workplaces; To Ii!meet Ii!with Ii!a Ii!business Ii!customer; To Ii!attend Ii!a Ii!business Ii!meeting Ii!located Ii!away Ii!from Ii!the Ii!taxpayer's Ii!regular Ii!workplace; Ii!or From Ii!the Ii!taxpayer's Ii!home Ii!to Ii!a Ii!temporary Ii!place Ii!of Ii!work. Ii!In Ii!addition Ii!to Ii!using Ii!the Ii!standard Ii!mileage Ii!rate, Ii!a Ii!taxpayer Ii!may Ii!also Ii!deduct Ii!any Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!business-related parking Ii!fees Ii!and Ii!tolls Ii!paid Ii!while Ii!engaging Ii!in Ii!deductible Ii!business Ii!travel. Ii!parking Ii!fees Ii!paid Ii!by a Ii!taxpayer Ii!to Ii!park Ii!his Ii!or Ii!her Ii!vehicle Ii!at Ii!the Ii!usual Ii!place Ii!of Ii!business Ii!are Ii!considered Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!commuting expenses Ii!and Ii!are Ii!not Ii!deductible. Ii!The Ii!standard Ii!mileage Ii!rate Ii!applicable Ii!to Ii!a Ii!taxpayer's use Ii!of Ii!a Ii!personal Ii!vehicle Ii!for Ii!charitable Ii!purposes Ii!is Ii!based Ii!on Ii!statute Ii!and Ii!remains Ii!unchanged Ii!at Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!14¢ per Ii!mile Ii!use Ii!of Ii!Personal Ii!Vehicle Ii!for Ii!Charitable Ii!Purposes, Ii!The Ii!taxpayer Ii!may Ii!also Ii!deduct Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!parking Ii!fees Ii!and Ii!tolls Ii!regardless Ii!of Ii!whether Ii!the Ii!actual expenses Ii!or Ii!standard Ii!mileage Ii!rate Ii!is Ii!used. Ii!The Ii!vehicle Ii!expenses Ii!a Ii!taxpayer Ii!may Ii!include Ii!as medical Ii!and Ii!dental Ii!expenses Ii!are Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!the Ii!amounts Ii!paid Ii!for Ii!transportation Ii!to Ii!obtain Ii!medical Ii!care Ii!for Ii!the taxpayer, Ii!a Ii!spouse Ii!or Ii!a Ii!dependent.
Ii!The Ii!U.S. Ii!savings Ii!bonds Ii!that Ii!qualify Ii!for Ii!the Ii!education Ii!savings Ii!program Ii!are Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!series Ii!EE Ii!bonds Ii!issued after Ii! 1989 Ii!and Ii!series Ii!I Ii!bonds. Ii! The Ii!bonds Ii!must Ii!be Ii!issued Ii!either Ii!in Ii!the Ii!taxpayer's Ii!name Ii!as Ii!sole Ii!owner or Ii!in Ii!the Ii!name Ii!of Ii!the Ii!taxpayer Ii!and Ii!spouse Ii!as Ii!co-owners. Ii! the Ii!owning Ii!taxpayer Ii!must Ii!have Ii!been Ii!at Ii!least Ii!age Ii! 24 Ii!before Ii!the Ii!bond's Ii!date Ii!of Ii!issue. Ii!head Ii!of Ii!the Ii!House Ii!of Ii!Ways Ii!& Ii!Means Ii!Com. Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!Richard Ii!Neal Ii!(D-MA) Ii!Qualified Ii!Improvement Ii!Property Ii!(QIP) Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!any Ii!improvement Ii!to Ii!an Ii!interior Ii!portion Ii!of Ii!a Ii!building Ii!that Ii!is Ii!nonresidential Ii!real Ii!property Ii!if Ii!such Ii!improvement Ii!is Ii!placed Ii!in Ii!service Ii!after Ii!the Ii!date Ii!such Ii!building Ii!was Ii!first Ii!placed Ii!in Ii!service. Ii!nonresidential Ii!real Ii!property Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!real Ii!estate Ii!that Ii!is Ii!not Ii!residential Ii!real Ii!estate Ii!An Ii!excise Ii!tax Ii!is Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!an Ii!indirect Ii!tax Ii!on Ii!the Ii!sale Ii!of Ii!a Ii!particular Ii!good Ii!or Ii!service Ii!such Ii!as Ii!fuel, Ii!tobacco Ii!and Ii!alcohol. Ii!Indirect Ii!tax Ii!means Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!the Ii!tax Ii!is Ii!not Ii!directly Ii!paid Ii!by Ii!an Ii!individual Ii!consumer Ii!— Ii!instead, Ii!the Ii!Internal Ii!Revenue Ii!Service Ii!(IRS) Ii!levies Ii!the Ii!tax Ii!on Ii!the Ii!producer Ii!or Ii!merchant, Ii!who Ii!passes Ii!it Ii!onto Ii!the Ii!consumer Ii!by Ii!including Ii!it Ii!in Ii!the Ii!product's Ii!price. Ii!An Ii!annuity Ii!contract Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!is Ii!a Ii!method Ii!of Ii!converting Ii!wealth Ii!into Ii!a Ii!stream Ii!of Ii!income. Ii!An Ii!investor Ii!gives Ii!money Ii!to Ii!an Ii!insurance Ii!company. Ii!In Ii!exchange Ii!the Ii!insurance Ii!company Ii!agrees Ii!to Ii!provide Ii!the Ii!investor Ii!with Ii!a Ii!benefit Ii!at Ii!a Ii!future Ii!date. Ii!An Ii!employee Ii!stock Ii!ownership Ii!plan Ii!(ESOP) Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!an Ii!employee-owner Ii!program Ii!that Ii!provides Ii!a Ii!company's Ii!workforce Ii!with Ii!an Ii!ownership Ii!interest Ii!in Ii!the Ii!company. Ii!In Ii!an Ii!ESOP,
Ii!companies Ii!provide Ii!their Ii!employees Ii!with Ii!stock Ii!ownership, Ii!often Ii!at Ii!no Ii!upfront Ii!cost Ii!to Ii!the Ii!employees. Ii!401(k) Ii!payin Ii!cap Ii!for Ii! 2019 Ii!is Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!$19,000....$25,000 Ii!for Ii!people Ii!age Ii! 50 Ii!or Ii!older Ii!Education Ii!expenses Ii!considered Ii!qualified Ii!education Ii!expenses Ii!under Ii!the Ii!education Ii!savings Ii!bond program Ii!are Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!education Ii!expenses Ii!incurred Ii!at Ii!an Ii!eligible Ii!educational Ii!institution Ii!by Ii!the Ii!taxpayer Ii!for Ii!the taxpayer, Ii!the Ii!taxpayer's Ii!spouse Ii!or Ii!a Ii!dependent Ii!claimed Ii!by Ii!the Ii!taxpayer. Ii!Such Ii!expenses Ii!include: Tuition Ii!and Ii!fees; Contributions Ii!to Ii!a Ii!qualified Ii!tuition Ii!program; Ii!and Contributions Ii!to Ii!a Ii!Coverdell Ii!education Ii!savings Ii!account Ii!(ESA) Ii!Are Ii!room Ii!and Ii!board Ii!qualified Ii!education Ii!expenses Ii!for Ii!purposes Ii!of Ii!the Ii!education Ii!savings Ii!bond Ii!program? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!NO Ii!An Ii!eligible Ii!educational Ii!institution Ii!for Ii!purposes Ii!of Ii!the Ii!education Ii!savings Ii!bond Ii!program Ii!is Ii!broadly defined Ii!as Ii! And Ii!includes: Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!one Ii!eligible Ii!to Ii!participate Ii!in Ii!a Ii!student Ii!aid Ii!program Ii!administered Ii!by Ii!the Ii!U.S. Ii!Department Ii!of Education Ii!and Ii!includes: College; University; Vocational Ii!school; Ii!and Other Ii!post-secondary Ii!educational Ii!institution.
No Ii!Qualified Ii!Business Ii!Income Ii!Deduction Do Ii!not Ii!forget Ii!to Ii!mark Ii!the Ii!box Ii!if Ii!you Ii!itemize Ii!your Ii!deductions Ii!MT Ii!MSA Ii!Special Ii!Rule Ii!for Ii! 2018 Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!Taxpayers Ii!with Ii!excess Ii!contributions Ii!can Ii!withdraw Ii!their Ii!excess Ii!contribution Ii!without Ii!penalty. Ii!After Ii!2018, Ii!any Ii!withdrawal Ii!would Ii!have Ii!to Ii!be Ii!a Ii!qualified Ii!withdrawal. Excess Ii!contributions Ii!occur Ii!when Ii!overall Ii!contributions Ii!in Ii!prior Ii!years Ii!were Ii!more Ii!than Ii!the Ii!overall Ii!amount Ii!of Ii!deductions Ii!based Ii!on Ii!such Ii!contributions Ii!on Ii!prior Ii!Montana Ii!income Ii!tax Ii!returns. Ii!MT Ii!Standard Ii!Deduction- Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!20% Ii!of Ii!MT Ii!AGI Ii!MT Ii!Maximum Ii!deduction Ii!for Ii!Single Ii!and Ii!MFS Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!$4, Ii!MT Ii!Maximum Ii!deduction Ii!for Ii!HoH Ii!and Ii!MFJ Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!$9, Ii!(MT Ii!Itemized Ii!deductions) Ii!State Ii!and Ii!Local Ii!Taxes Ii!deduction Ii!isIi!limited Ii!to Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!$10, Ii!(MT Ii!Itemized Ii!deductions) Ii!Vehicle Ii!registration Ii!fees Ii! must Ii!be Ii!split Ii!between: Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!The Ii!value-based Ii!taxes Ii!(line Ii!5d) and Ii! The Ii!registration Ii!fees Ii!(line Ii!6) Ii!MT Ii!Charitable Ii!contributions Ii!limits Ii!are Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!the Ii!federal Ii!limits, Ii!substituting Ii!Fed Ii!AGI Ii!with Ii!MT Ii!AGI
Ii!Use Ii!the Ii!Tax Ii!Liability Ii!Schedule Ii!if: Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!-You Ii!are Ii!a Ii!nonresident
- You Ii!are Ii!a Ii!part-year Ii!resident
- You Ii!are Ii!a Ii!resident Ii!owing Ii!either: Ii!-Recapture Ii!Taxes Ii!-Tax Ii!on Ii!Lump Ii!Sum Ii!Distributions Ii!-Tax Ii!on Ii!Deferred Ii!Foreign Ii!Income Ii!(DFI) Ii!and Ii! Ii!an Ii!election Ii!was Ii!made Ii!not Ii!to Ii!use Ii!the Ii!DFI Ii! Ii!against Ii!the Ii!NOL Caution: Ii!Alternative Ii!tax Ii!method Ii!for Ii!certain Ii!non Ii!residents: Ii!½ Ii!of Ii!1% Ii!of Ii!dollar Ii!volume Ii!of Ii!sales, Ii!when Ii!sales Ii!do Ii!not Ii!exceed Ii!$100,000. Ii!(Line Ii!3b) Ii!Form Ii! 2 Ii!- Ii!Page Ii! 8 Ii!- Ii!Line Ii! 13 Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!Apprenticeship Ii!Credit Ii!Two Ii!classes Ii!of Ii!NOL Ii!deductions Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!Class Ii!A Ii!and Ii!Class Ii!B Ii!NOL Ii!deduction Ii!Class Ii!A- Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!NOL Ii!deductions Ii!stemming Ii!from Ii!Tax Ii!Years Ii!ending Ii!before Ii!01/01/ Ii!-Carryforward Ii!period Ii!is Ii! 20 Ii!years Ii!-Not Ii!limited Ii!to Ii!80% Ii!of Ii!Taxable Ii!Income Ii!-No Ii!sourcing Ii!of Ii!loss Ii!required Ii!for Ii!nonresidents Ii!NOL Ii!deduction Ii!Class Ii!B- Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!NOL Ii!deductions Ii!stemming Ii!from Ii!Tax Ii!Years Ii!beginning Ii!after Ii!12/31/2017 Ii!and Ii!Loss Ii!limitation Ii!under Ii!IRC Ii!461(l) Ii!-Unlimited Ii!carryforward Ii!period Ii!-Carryback Ii!only Ii!for Ii!farming Ii!losses
Ii!If Ii!the Ii!total Ii!amount Ii!received Ii!by Ii!the Ii!taxpayer Ii!when Ii!eligible Ii!bonds Ii!are Ii!cashed Ii!in, Ii!including Ii!both Ii!the bond Ii!investment Ii!and Ii!accrued Ii!interest, Ii!does Ii!not Ii!exceed Ii!the Ii!adjusted Ii!qualified Ii!education Ii!expenses, Ii!What Ii!part Ii!of Ii!interest Ii!is Ii!tax Ii!free, Ii!if Ii!any? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!all Ii!interest Ii!received Ii!may Ii!be Ii!tax Ii!free. Ii!(Note, Ii!the Ii!taxpayer Ii!must Ii!still Ii!be Ii!eligible Ii!based Ii!on Ii!income.) Ii!If Ii!the Ii!total Ii!amount Ii!received Ii!on Ii!liquidation Ii!of Ii!the Ii!bonds Ii!is Ii!greater Ii!than Ii!the Ii!adjusted Ii!qualified Ii!education expenses, Ii!isIi!interest Ii!tax Ii!free? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!only Ii!a Ii!portion Ii!of Ii!the Ii!interest Ii!may Ii!be Ii!tax Ii!free. Ii!Determining Ii!the Ii!tax-free Ii!amount Ii!of Ii!the Ii!interest Ii!distributed Ii!when Ii!the Ii!bonds Ii!are Ii!cashed Ii!in Ii!and Ii!the adjusted Ii!qualified Ii!education Ii!expenses Ii!are Ii!less Ii!than Ii!the Ii!distribution Ii!requires Ii!that Ii!the Ii!interest received Ii!be Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!multiplied Ii!by Ii!a Ii!fraction. Ii!The Ii!numerator Ii!of Ii!the Ii!fraction Ii!is Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!the Ii!adjusted Ii!qualified Ii!education expenses, Ii!and Ii!the Ii!denominator Ii!of Ii!the Ii!fraction Ii!is Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!the Ii!total Ii!proceeds Ii!received Ii!on Ii!liquidation Ii!of Ii!the bonds Ii!during Ii!the Ii!year Ii!the Ii!bonds Ii!were Ii!cashed Ii!in. Ii!Suppose Ii!a Ii!taxpayer Ii!received Ii!a Ii!$9,000 Ii!distribution Ii!of Ii!bond Ii!proceeds Ii!during Ii!the Ii!year, Ii!and Ii!the Ii!proceeds consisted Ii!of Ii!$6,000 Ii!of Ii!invested Ii!principal Ii!and Ii!$3,000 Ii!of Ii!interest. Ii!Further Ii!suppose Ii!that Ii!the Ii!adjusted qualified Ii!education Ii!expenses Ii!were Ii!$7,650—less Ii!than Ii!the Ii!bond Ii!proceeds, Ii!in Ii!other Ii!words. Ii!To Ii!determine
the Ii!part Ii!of Ii!the Ii!$3,000 Ii!of Ii!interest Ii!that Ii!may Ii!be Ii!tax Ii!free, Ii!we Ii!need Ii!to Ii!use Ii!the Ii!following Ii!equation: Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!Interest Ii!X Ii!(Adjusted Ii!qualified Ii!education Ii!expenses/Total Ii!proceeds Ii!received) Ii!= Ii!Maximum Ii!tax-free Ii!interest $3,000 Ii!X Ii!($7,650/$9,000) Ii!= Ii!$2, Since Ii!the Ii!taxpayer Ii!received Ii!$9,000 Ii!when Ii!cashing Ii!in Ii!the Ii!bonds, Ii!the Ii!$6,000 Ii!invested Ii!is Ii!tax Ii!free Ii!asIi!a recovery Ii!of Ii!cost Ii!basis, Ii!but Ii!the Ii!portion Ii!of Ii!the Ii!interest Ii!other Ii!than Ii!the Ii!$2,550 Ii!tax-free Ii!amount— $450 Ii!in this Ii!case—is Ii!taxable Ii!interest. Ii!As Ii!noted Ii!earlier, Ii!however, Ii!a Ii!taxpayer's Ii!eligibility Ii!for Ii!the Ii!education savings Ii!bond Ii!program Ii!is Ii!determined Ii!by Ii!the Ii!taxpayer's Ii!income Ii!and Ii!filing Ii!status, Ii!discussed immediately Ii!below. Ii!Depending Ii!on Ii!the Ii!taxpayer's Ii!MAGI/filing Ii!status, Ii!some Ii!or Ii!all Ii!of Ii!the Ii!maximum Ii!taxfree interest Ii!may Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!also Ii!be Ii!includible Ii!in Ii!income. Ii!Under Ii!tax Ii!code Ii!Section Ii!6672, Ii!the Ii!IRS Ii!can Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!-assess Ii!you Ii!personally Ii!for Ii!100% Ii!of Ii!your Ii!company's Ii!outstanding Ii!payroll Ii!taxes, Ii!if Ii!you're Ii!a Ii!responsible Ii!person Ii!who Ii!willfully Ii!fails Ii!to Ii!deposit Ii!those Ii!taxes. Ii!You're Ii!a Ii!responsible Ii!person Ii!(under Ii!code Ii!Section Ii!6672) Ii!if Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!-you Ii!have Ii!some Ii!check Ii!signing Ii!authority Ii!
- You Ii!don't Ii!need Ii!to Ii!be Ii!a Ii!corporate Ii!officer Ii!or Ii!the Ii!company's Ii!only Ii!responsible Ii!person. Ii!
- And Ii!all Ii!it Ii!takes Ii!to Ii!willfully Ii!fail Ii!to Ii!deposit Ii!payroll Ii!taxes Ii!is Ii!to Ii!pay Ii!other Ii!creditors Ii!before Ii!paying Ii!the Ii!IRS.
- In Ii!the Ii!case Ii!of Ii!food Ii!and Ii!drinks Ii!provided Ii!during Ii!or Ii!at Ii!an Ii!entertainment Ii!event, Ii!the Ii!food Ii!and Ii!drinks Ii!are Ii!purchased Ii!separately Ii!from Ii!the Ii!entertainment, Ii!or Ii!the Ii!cost Ii!of Ii!the Ii!food Ii!and Ii!drinks Ii!is Ii!stated Ii!separately Ii!from Ii!the Ii!cost Ii!of Ii!the Ii!entertainment Ii!on Ii!bills, Ii!invoices Ii!or Ii!receipts. Ii!Employees Ii!and Ii!the Ii!Social Ii!Security Ii!Administration Ii!must Ii!receive Ii!W-2sIi!by Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!Jan. Ii!31, Ii!2019. Ii!W- 2 Ii!box Ii!12,Ii!Code Ii!P Ii!reporting Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!reports Ii!you Ii!reimbursement Ii!of Ii!employees' Ii!qualified Ii!movingIi!expenses. Ii!(No Ii!reporting Ii!is Ii!necessary Ii!if Ii!you Ii!directly Ii!pay Ii!a Ii!moving Ii!company Ii!or Ii!other Ii!third Ii!party) Ii!The Ii!Fair Ii!Labor Ii!Standards Ii!Act Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!(of Ii! 1938 Ii! 29 Ii!U.S.C. Ii!§ Ii! 203 Ii!(FLSA))
- is Ii!a Ii!United Ii!States Ii!labor Ii!law Ii!that Ii!creates Ii!the Ii!right Ii!to Ii!a Ii!minimum Ii!wage, Ii!and Ii!"time-and-a-half" Ii!overtime Ii!pay Ii!when Ii!people Ii!work Ii!over Ii!forty Ii!hours Ii!a Ii!week. Ii!Employee Ii!payroll Ii!taxes Ii!are Ii!usually Ii!made Ii!of Ii!these Ii!four Ii!taxes: Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!-Federal Ii!Income Ii!Tax
- State Ii!Income Ii!Tax
- Social Ii!Secuirty Ii!Form Ii! 1099 - MISC Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!serves Ii!a Ii!similar Ii!purpose Ii!to Ii!an Ii!independent Ii!contractor Ii!as Ii!a Ii!W- 2 Ii!does Ii!for Ii!to Ii!an Ii!employee. Ii!The Ii!form Ii!reports Ii!theIi!total Ii!amount Ii!of Ii!payments Ii!you Ii!receive Ii!from Ii!a Ii!single Ii!person Ii!or Ii!entity Ii!during Ii!the Ii!year Ii!that Ii!you Ii!provide Ii!services Ii!to. Ii!Rental Ii!Activity Ii!by Ii!default Ii!is Ii!a Ii!? Ii!activity? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!Passive Ii!Under Ii!Section Ii! 469 Ii!Rental Ii!activity Ii!losses Ii!can Ii!be Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!deducted Ii!up Ii!to Ii!$25,
Ii!Do Ii!only Ii!real Ii!estate Ii!professionals Ii!need Ii!to Ii!issue Ii! 1099 - misc Ii!for Ii!rental Ii!activity Ii!income? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!There Ii!isIi!debate, Ii!some Ii!tax Ii!pros Ii!say Ii!only Ii!they Ii!need Ii!to. Ii!Section Ii! 1231 Ii!gain Ii!or Ii!loss Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!when Ii!you Ii!dispose Ii!of Ii!business Ii!property, Ii!your Ii!taxable Ii!gain Ii!or Ii!loss Ii!is Ii!called Ii!this. Ii!Section Ii! 6041 Ii! 1099 - MISC Ii!Reporting Ii!Requirements: Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!(a) Ii!Payments Ii!of Ii!$600 Ii!or Ii!more (b) Ii!Collection Ii!of Ii!foreign Ii!items (c) Ii!Recipient Ii!to Ii!furnish Ii!name Ii!and Ii!address (d) Ii!Statements Ii!to Ii!be Ii!furnished Ii!to Ii!persons Ii!with Ii!respect Ii!to Ii!whom Ii!information Ii!is Ii!required (e) Ii!Section Ii!does Ii!not Ii!apply Ii!to Ii!certain Ii!tips (f) Ii!Section Ii!does Ii!not Ii!apply Ii!to Ii!certain Ii!health Ii!arrangements (g) Ii!Nonqualified Ii!deferredIi!compensation Ii!Section Ii! 6041 Ii! 1099 - MISC Ii!Reporting Ii!Requirements: (a) Ii!Payments Ii!of Ii!$600 Ii!or Ii!more Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!All Ii!persons Ii!engaged Ii!in Ii!a Ii!trade Ii!or Ii!business Ii!and Ii!making Ii!payment Ii!in Ii!the Ii!course Ii!of Ii!such Ii!trade Ii!or Ii!business Ii!to Ii!another Ii!person, Ii!of Ii!rent, Ii!salaries, Ii!wages, Ii!premiums, Ii!annuities, Ii!compensations, Ii!remunerations, Ii!emoluments, Ii!or Ii!other Ii!fixed Ii!or Ii!determinable Ii!gains, Ii!profits, Ii!and Ii!income Ii!(other Ii!than Ii!payments Ii!to Ii!which Ii!section Ii!6042(a)(1), Ii!6044(a)(1), Ii!6047(e), Ii!6049(a), Ii!or Ii!6050N(a) Ii!applies, Ii!and Ii!other Ii!than Ii!payments Ii!with Ii!respect Ii!to Ii!which Ii!a Ii!statement Ii!is Ii!required Ii!under Ii!the Ii!authority Ii!of Ii!section Ii!6042(a)(2), Ii!6044(a)(2), Ii!or Ii!6045), Ii!of Ii!$600 Ii!or Ii!more Ii!in Ii!any Ii!taxable Ii!year, Ii!or, Ii!in Ii!the Ii!case Ii!of Ii!such Ii!payments Ii!made Ii!by Ii!the Ii!United Ii!States, Ii!the Ii!officers Ii!or Ii!employees Ii!of Ii!the Ii!United Ii!States Ii!having Ii!information Ii!as Ii!to Ii!such Ii!payments Ii!and Ii!required Ii!to Ii!make Ii!returns Ii!in Ii!regard Ii!thereto Ii!by Ii!the Ii!regulations Ii!hereinafter Ii!provided Ii!for, Ii!shall Ii!render Ii!a Ii!true Ii!and Ii!accurate Ii!return Ii!to Ii!the Ii!Secretary, Ii!under Ii!such Ii!regulations Ii!and Ii!in Ii!such Ii!form Ii!and Ii!manner Ii!and Ii!to Ii!such Ii!extent Ii!as Ii!may Ii!be Ii!prescribed Ii!by Ii!the Ii!Secretary, Ii!setting Ii!forth Ii!the Ii!amountIi!of Ii!such Ii!gains, Ii!profits, Ii!and Ii!income, Ii!and Ii!the Ii!name Ii!and Ii!address Ii!of Ii!the Ii!recipient Ii!of Ii!such Ii!payment.
Ii!Secretary, Ii!this Ii!subsection Ii!shall Ii!also Ii!apply Ii!to Ii!persons Ii!required Ii!to Ii!make Ii!returns Ii!under Ii!subsection Ii!(b). Ii!Section Ii! 6041 Ii! 1099 - MISC Ii!Reporting Ii!Requirements: (e) Ii!Section Ii!does Ii!not Ii!apply Ii!to Ii!certain Ii!tips Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!This Ii!section Ii!shall Ii!not Ii!apply Ii!to Ii!tips Ii!with Ii!respect Ii!to Ii!which Ii!section Ii!6053(a) Ii!(relating Ii!to Ii!reporting Ii!of Ii!tips) Ii!applies. Ii!Section Ii! 6041 Ii! 1099 - MISC Ii!Reporting Ii!Requirements: (f) Ii!Section Ii!does Ii!not Ii!apply Ii!to Ii!certain Ii!health Ii!arrangements Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!This Ii!section Ii!shall Ii!not Ii!apply Ii!to Ii!any Ii!payment Ii!for Ii!medical Ii!care Ii!(as Ii!defined Ii!in Ii!section Ii!213(d)) Ii!made Ii!under— (1) Ii!a Ii!flexible Ii!spending Ii!arrangement Ii!(as Ii!defined Ii!in Ii!section Ii!106(c)(2)), Ii!or (2) Ii!a Ii!health Ii!reimbursement Ii!arrangement Ii!which Ii!is Ii!treated Ii!as Ii!employer-provided Ii!coverage Ii!under Ii!an Ii!accident Ii!or Ii!health Ii!plan Ii!for Ii!purposes Ii!of Ii!section Ii!106. Ii!Section Ii! 6041 Ii! 1099 - MISC Ii!Reporting Ii!Requirements: (g) Ii!Nonqualified Ii!deferredIi!compensation Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!Subsection Ii!(a) Ii!shall Ii!apply Ii!to— (1) Ii!any Ii!deferrals Ii!for Ii!the Ii!year Ii!under Ii!a Ii!nonqualified Ii!deferred Ii!compensation Ii!plan Ii!(within Ii!the Ii!meaning Ii!of Ii!section Ii!409A(d)), Ii!whether Ii!or Ii!not Ii!paid, Ii!except Ii!that Ii!this Ii!paragraph Ii!shall Ii!not Ii!apply Ii!to Ii!deferrals Ii!which Ii!are Ii!required Ii!to Ii!be Ii!reported Ii!under Ii!section Ii!6051(a)(13) Ii!(without Ii!regard Ii!to Ii!any Ii!de Ii!minimis Ii!exception), Ii!and (2) Ii!any Ii!amount Ii!includible Ii!under Ii!section Ii!409A Ii!and Ii!which Ii!is Ii!not Ii!treated Ii!as Ii!wages Ii!under Ii!section Ii!3401(a).
Ii!The Ii!Depreciation Ii!Allowance Ii!code Ii!allows Ii!for- Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!an Ii!annual Ii!deduction Ii!of Ii!a Ii!portion Ii!of Ii!the Ii!cost Ii!of Ii!business Ii!or Ii!income-producing Ii!property Ii!(not Ii!held Ii!for Ii!sale) Ii!with Ii!a Ii!useful Ii!life Ii!of Ii!more Ii!than Ii!one Ii!year. Ii!This Ii!deduction Ii!(Cost Ii!recovery) Ii!may Ii!be Ii!for Ii!depreciation Ii!, Ii!amortization Ii!or Ii!depletion Ii!(cost Ii!recovery Ii!deductions). Ii!For Ii!most Ii!tangible Ii!property, Ii!a Ii!depreciation Ii!deduction Ii!is Ii!provided Ii!under- Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!The Ii!Modified Ii!Accelerated Ii!Cost Ii!Recovery Ii!System Ii!(MACRS; Ii!¶1907 Ii!et Ii!seq.) Ii!or Ii!under Ii!useful-life Ii!depreciation Ii!(see Ii!1957). Ii!tangible Ii!property- Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!in Ii!law Ii!is, Ii!literally, Ii!anything Ii!which Ii!can Ii!be Ii!touched, Ii!and Ii!includes Ii!both Ii!real Ii!property Ii!and Ii!personal Ii!property Ii!(or Ii!moveable Ii!property) Ii!intangible Ii!Property Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!that Ii!does Ii!not Ii!derive Ii!its Ii!value Ii!from Ii!physical Ii!attributes. Ii!Patents, Ii!software, Ii!trademarks Ii!and Ii!license Ii!are Ii!examples Ii!of Ii!intangible Ii!property. Ii!A Ii!bonus Ii!first-year Ii!depreciation Ii!allowance Ii!as Ii!high Ii!as Ii!100% Ii!may Ii!be Ii!claimed Ii!for Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!qualified Ii!property Ii!In Ii!order Ii!to Ii!qualify Ii!for Ii!30, Ii!50, Ii!or Ii! 100 Ii!percent Ii!bonus Ii!depreciation, Ii!the Ii!original Ii!use Ii!of Ii!the Ii!property Ii!must Ii!begin Ii!with Ii!the Ii!taxpayer Ii!and Ii!the Ii!property Ii!must Ii!be: Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!1) Ii!MACRS Ii!property Ii!with Ii!a Ii!recovery Ii!period Ii!of Ii! 20 Ii!years Ii!or Ii!less, Ii!
- Ii!depreciable Ii!computer Ii!software, Ii!
- Ii!water Ii!utility Ii!property, Ii!or Ii!
- Ii!qualified Ii!leasehold Ii!improvement Ii!property. Ii!
(2) Ii!an Ii!improper Ii!method Ii!used Ii!for Ii!no Ii!more Ii!than Ii!one Ii!tax Ii!year. Ii!Most Ii!items Ii!of Ii!tangible Ii!property Ii!and Ii!certain Ii!intangibles Ii!are Ii!decipherable Ii!if Ii!they: Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!(1) Ii!are Ii!used Ii!in Ii!a Ii!trade Ii!or Ii!business, Ii!or Ii!held Ii!for Ii!the Ii!production Ii!of Ii!income, Ii! (2) Ii!have Ii!an Ii!exhaustible Ii!useful Ii!life Ii!that Ii!can Ii!be Ii!determined Ii!with Ii!reasonable Ii!accuracy, Ii!and (3) Ii!aren't Ii!inventory Ii!or Ii!stock Ii!in Ii!trade Ii!Is Ii!land Ii!depreciable? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!No! Ii!The Ii!cost Ii!of Ii!a Ii!life Ii!estate Ii!or Ii!other Ii!term Ii!interest Ii!can Ii!be Ii!amortized Ii!over Ii!the Ii!term Ii!if Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!(1) Ii!the Ii!interest Ii!is Ii!acquired Ii!by Ii!purchase Ii!and Ii!isn't Ii!created Ii!by Ii!the Ii!taxpayer's Ii!division Ii!of Ii!a Ii!larger Ii!interest, Ii!and Ii! (2) Ii!the Ii!remainder Ii!interest Ii!isn't Ii!held Ii!by Ii!a Ii!person Ii!related Ii!to Ii!the Ii!taxpayer. Ii!Can Ii!property Ii!be Ii!depreciated Ii!under Ii!MACRS Ii!even Ii!if Ii!it Ii!doesn't Ii!have Ii!a Ii!determinable Ii!useful Ii!life? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!No! Ii!What Ii!qualifies Ii!for Ii!depletion? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!-natural Ii!resources Ii!such Ii!as Ii!oil, Ii!gas, Ii!other Ii!minerals Ii!in Ii!the Ii!ground Ii!and Ii!timber. Ii!An Ii!intangible Ii!asset Ii!is Ii!depreciable Ii!(but Ii!not Ii!under Ii!MACRS) Ii!if Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!it's Ii!used Ii!in Ii!a Ii!trade Ii!or Ii!business Ii!or Ii!for Ii!production Ii!of Ii!income, Ii!has Ii!a Ii!limited, Ii!ascertainable Ii!useful Ii!life, Ii!and Ii!the Ii!taxpayer Ii!can Ii!show Ii!the Ii!cost Ii!of Ii!that Ii!asset.
Ii!T/F Ii!Some Ii!intangibles Ii!(for Ii!example, Ii!goodwill) Ii!can Ii!be Ii!depreciated Ii!or Ii!amortized, Ii!even Ii!though Ii!they Ii!don't Ii!have Ii!a Ii!limited, Ii!ascertainable Ii!useful Ii!life. Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!True Ii!if Ii!property Ii!isIi!acquired Ii!subject Ii!to Ii!a Ii!lease, Ii!what Ii!portion Ii!of Ii!its Ii!adjusted Ii!basis Ii!can Ii!be Ii!allocated Ii!to Ii!the Ii!leasehold Ii!interest, Ii!and Ii!what Ii!amount Ii!of Ii!the Ii!entire Ii!adjusted Ii!basis Ii!is Ii!taken Ii!into Ii!account Ii!in Ii!determining Ii!any Ii!depreciation Ii!for Ii!the Ii!property Ii!subject Ii!to Ii!the Ii!lease. Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!-no Ii!portion
- the Ii!entire Ii!adjusted Ii!basis Ii!Ordinarily, Ii!who Ii!is Ii!the Ii!person Ii!entitled Ii!to Ii!deduct Ii!depreciation? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!the Ii!property Ii!owner Ii!If Ii!a Ii!life Ii!tenancy Ii!is Ii!in Ii!depreciable Ii!property Ii!, Ii!the Ii!life Ii!tenant Ii!deducts Ii!depreciation Ii!depreciation Ii!how? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!-as Ii!if Ii!he Ii!were Ii!the Ii!absolute Ii!owner Ii!of Ii!the Ii!property. Ii!After Ii!the Ii!life Ii!tenant's Ii!death, Ii!the Ii!depreciation Ii!deduction, Ii!if Ii!any, Ii!isIi!allowed Ii!to Ii!who? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!-the Ii!remainderman Ii!A Ii!tenant-stockholder Ii!of Ii!a Ii!cooperative Ii!housing Ii!corporation Ii!using Ii!his Ii!proprietary Ii!lease Ii!in Ii!a Ii!trade Ii!or Ii!business Ii!or Ii!for Ii!the Ii!production Ii!of Ii!income Ii!can, Ii!generally, Ii!depreciate Ii!what? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!the Ii!portion Ii!of Ii!the Ii!cost Ii!of Ii!his Ii!stock Ii!allocable Ii!to Ii!depreciable Ii!property. Ii!When Ii!does Ii!depreciation Ii!begin? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!when Ii!an Ii!asset Ii!is Ii!placed Ii!in Ii!service, Ii!when Ii!it's Ii!in Ii!a Ii!condition Ii!or Ii!state Ii!of Ii!readiness Ii!and Ii!availability Ii!for Ii!a Ii!specifically Ii!defined Ii!function. Ii!When Ii!does Ii!depreciation Ii!end? Ii!- Ii! Ii!Correct Ii!Answers Ii! Ii! Ii! Ii!when Ii!the Ii!asset Ii!is Ii!retired Ii!from Ii!service, Ii!or Ii!its Ii!cost Ii!or Ii!other Ii!basis Ii!isIi!fully Ii!recovered, Ii!or Ii!it's Ii!sold Ii!or Ii!otherwise Ii!disposed Ii!of, Ii!whichever Ii!occurs Ii!first.
