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Question 36

Kahlil is sent by his employer on a domestic trip. He is gone a total of 10 days. Seven of the 10 days are spent conducting business. Kahlil’s travel expenses includ $650 for airfare, $120 a night for lodging, and $30 a day for meals. If Kahlil’s employer does not reimburse him for his trip, how much can he deduct on his tax return? 
$1,595.  $1,500.  $1,400.  $1,700.  $1,395. 
$1,595.  $1,500.  $1,400.  $1,700.  $1,395. 
$1,595. 
$1,595. 
$1,500. 
$1,500. 
$1,400. 
$1,400. 
$1,700. 
$1,700. 
$1,395. 
$1,395. 

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Question 37

A statutory employee’s business expenses are miscellaneous itemized deductions subject to the 2% AGI floor. 
True False
True False
True
True
False
False

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Question 38

Which of the following conditions must exist in order to eliminate the need to allocate expenses of traveling to and from a foreign destination? 
1. The employee has no control over arranging the trip and there is no element of vacation.
2. The employee is away from home for less than eight days.
3. The personal portion of the trip is less than 25%. 
both 1. and 2. both 2. and 3. both 1. and 3. any of the above three conditions must exist  all three conditions must exist
both 1. and 2. both 2. and 3. both 1. and 3. any of the above three conditions must exist  all three conditions must exist
both 1. and 2.
both 1. and 2.
both 2. and 3.
both 2. and 3.
both 1. and 3.
both 1. and 3.
any of the above three conditions must exist 
any of the above three conditions must exist 
all three conditions must exist
all three conditions must exist

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Question 39

If an employee is reimbursed a daily amount that does not exceed the federal per diem rate, the employee does not need to include in income the amount of reimbursement in excess of the employee’s actual out-of-pocket expenses. 
True False
True False
True
True
False
False

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Question 40

A reimbursement for employee business expenses must be included in gross income if the employee is reimbursed under a nonaccountable reimbursement plan. 
True False
True False
True
True
False
False

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Question 41

Job hunting costs are not deductible if the taxpayer is looking for a position that is not comparable to the taxpayer’s current job. 
True False
True False
True
True
False
False

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Question 42

Which of the following statements is false regarding the hobby loss rules? 
The deduction for expenses related to hobby activities cannot exceed hobby income.  Hobby income is included in gross income and hobby-related expenses (other than those deductible elsewhere on the tax return) are miscellaneous deductions subject to the 2% AGI floor.  Depreciation is the last expense taxpayers deduct against hobby income. Hobby deductions in excess of hobby income are carried over to offset hobby income in future tax years. All of the above statements are true (there are no false statements).
The deduction for expenses related to hobby activities cannot exceed hobby income.  Hobby income is included in gross income and hobby-related expenses (other than those deductible elsewhere on the tax return) are miscellaneous deductions subject to the 2% AGI floor.  Depreciation is the last expense taxpayers deduct against hobby income. Hobby deductions in excess of hobby income are carried over to offset hobby income in future tax years. All of the above statements are true (there are no false statements).
The deduction for expenses related to hobby activities cannot exceed hobby income. 
The deduction for expenses related to hobby activities cannot exceed hobby income. 
Hobby income is included in gross income and hobby-related expenses (other than those deductible elsewhere on the tax return) are miscellaneous deductions subject to the 2% AGI floor. 
Hobby income is included in gross income and hobby-related expenses (other than those deductible elsewhere on the tax return) are miscellaneous deductions subject to the 2% AGI floor. 
Depreciation is the last expense taxpayers deduct against hobby income.
Depreciation is the last expense taxpayers deduct against hobby income.
Hobby deductions in excess of hobby income are carried over to offset hobby income in future tax years.
Hobby deductions in excess of hobby income are carried over to offset hobby income in future tax years.
All of the above statements are true (there are no false statements).
All of the above statements are true (there are no false statements).

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Question 43

When taking a combined domestic business-pleasure trip, an employee may deduct the entire cost of traveling to and from the destination if the trip was primarily for business. 
True False
True False
True
True
False
False

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Question 44

A taxpayer pays $40 for a ticket to a sporting event that he gives to his client. The taxpayer does not attend the event with his client. The taxpayer’s deduction is limited to 50% of the cost of the ticket, or $20. 
True False
True False
True
True
False
False

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Question 45

Which of the following is generally not a deductible business expense on Schedule C? 
Office supplies Depreciation Rent Charitable contributions All of the above are deductible business expenses on Schedule C
Office supplies Depreciation Rent Charitable contributions All of the above are deductible business expenses on Schedule C
Office supplies
Office supplies
Depreciation
Depreciation
Rent
Rent
Charitable contributions
Charitable contributions
All of the above are deductible business expenses on Schedule C
All of the above are deductible business expenses on Schedule C

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Question 46

A pension plan that allows employees to make pre-tax contributions is a: 
Keogh plan. SEP plan. defined contribution plan. 401(k) plan. none of the above.
Keogh plan. SEP plan. defined contribution plan. 401(k) plan. none of the above.
Keogh plan.
Keogh plan.
SEP plan.
SEP plan.
defined contribution plan.
defined contribution plan.
401(k) plan.
401(k) plan.
none of the above.
none of the above.

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Question 47

Which of the following income items is treated as earnings from self-employment? 
Capital gain from the sale of an investment Dividends Compensation received by a registered nurse who is hired by a patient to provide private nursing services Compensation received by a babysitter who provides childcare in the parent’s home  All of the above are earnings from self-employment
Capital gain from the sale of an investment Dividends Compensation received by a registered nurse who is hired by a patient to provide private nursing services Compensation received by a babysitter who provides childcare in the parent’s home  All of the above are earnings from self-employment
Capital gain from the sale of an investment
Capital gain from the sale of an investment
Dividends
Dividends
Compensation received by a registered nurse who is hired by a patient to provide private nursing services
Compensation received by a registered nurse who is hired by a patient to provide private nursing services
Compensation received by a babysitter who provides childcare in the parent’s home 
Compensation received by a babysitter who provides childcare in the parent’s home 
All of the above are earnings from self-employment
All of the above are earnings from self-employment

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Question 48

A cash-basis sole proprietor had the following cash receipts and disbursement for the year: 

Net sales  $80,000 Cost of goods sold 40,000 Operating expenses 20,000 Employee payroll taxes  3,000 Dividend income  900 Interest income from a personal savings account 200
Net sales  $80,000 Cost of goods sold 40,000 Operating expenses 20,000 Employee payroll taxes  3,000 Dividend income  900 Interest income from a personal savings account 200
Net sales  $80,000
Net sales 
$80,000
Cost of goods sold 40,000
Cost of goods sold
40,000
Operating expenses 20,000
Operating expenses
20,000
Employee payroll taxes  3,000
Employee payroll taxes 
3,000
Dividend income  900
Dividend income 
900
Interest income from a personal savings account 200
Interest income from a personal savings account
200

What is the amount of reported net profit reported on Schedule C? 
$20,000 $40,000  $17,000 $15,000 $18,000
$20,000 $40,000  $17,000 $15,000 $18,000
$20,000
$20,000
$40,000 
$40,000 
$17,000
$17,000
$15,000
$15,000
$18,000
$18,000

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Question 49

A third party provider of warranty services who uses the accrual method of accounting must include prepaid warranty income in the year the payment is received. 
True False
True False
True
True
False
False

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Question 50

The maximum number of employees that an employer can have to be able to offer a SIMPLE plan is: 
25. 50. 100. 200. none of the above.
25. 50. 100. 200. none of the above.
25.
25.
50.
50.
100.
100.
200.
200.
none of the above.
none of the above.

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