ACCT 553 Week 3 Homework ES ( Quiz , Set 1 ) FOR MORE CLASSES VISIT www . acct553study . com
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 )
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ACCT 553 Week 3 Homework ES ( Quiz , Set 1 ) FOR MORE CLASSES VISIT www . acct553study . 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 :
4 . ( TCO A ) Which of the following constitutes tax evasion ?
5 . ( TCO C ) Which of the following items is not subject to federal income tax ?
6 . ( TCO B ) Sam owes Bob $ 8,000 . Bob cancels ( forgives ) the debt . The cancellation is not a gift , and Sam is bankrupt . Which of the following statements is correct concerning the impact of this transaction ?