ACCT 553 STUDY Extraordinary Success/acct553study.com ACCT 553 STUDY Extraordinary Success/acct553study | Page 9

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 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?