=================================================== 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)
=================================================== 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?