================================================== ACCT 553 Week 3 Homework ES( Quiz Set 1)
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Chapter 4 1. Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction?( 2 pts) 2. Which of the following items would be excluded from income?( a) $ 100 bill found under the sugar caddy at the restaurant( b) Inheritance of a car from your grandmother valued at $ 5,000.( c) Loan from your father-in-law to start your business,( d) Child Support received totaling $ 16,500.( 4 pts) Chapter 5 3. Shaun & Kayla earned the following in 2013: Interest on a Savings account of $ 36, Interest on a U. S. Series EE Savings Bond of $ 25, Interest on a CD that has not matured yet of $ 20. How much taxable interest income must they report on their 2013 tax return?( 4 pts) 4. Explain what a Cafeteria Plan is( hint: it has nothing to do with what you eat between classes:-)).( 5 pts) Chapter 6 5. Explain the limitations placed on the deductibility of Business Gifts? What code section dictates this treatment?( 5 pts)
================================================== ACCT 553 Week 3 Homework ES( Quiz Set 1)
For more course tutorials visit www. uophelp. com
1.( TCO A) A taxpayer may litigate a tax dispute without first paying the tax in the: 2.( TCO F) A business bad debt is deductible for tax purposes as a( n): 3.( TCO I) Under the cash method of tax accounting, tax deductions are generally taken when: