================================================ ACCT 553 Week 3 Homework ES ( Quiz , Set 1 ) FOR MORE CLASSES VISIT www . acct553study . com
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 CLASSES VISIT www . acct553study . com
1 . ( TCO A ) A taxpayer may litigate a tax dispute without first paying the tax in the :