Solved by verified expert :·
Question 1
2
out of 2 points
An
individual, age 40, who is not subject to the phase-out
provision may contribute a nondeductible amount to a Roth
IRA up to $5,500 per year in 2013.
· Question 2
2
out of 2 points
Contributions
to a Roth IRA can be made up to the due date (excluding extensions) of the
taxpayer’s income tax return.
· Question 3
2
out of 2 points
A
taxpayer takes six clients to an NBA playoff game. If all of the tickets
(list price of $120 each) are purchased on the Internet for $1,800 ($300
each), only $60 ($120´50% cutback adjustment) per
ticket is deductible.
· Question 4
2
out of 2 points
At age 65, Camilla retires from her job
in Boston and moves to Florida. As a retiree, she is not subject to the time
test in deducting her moving expenses.
· Question 5
2
out of 2 points
Janet,
who lives and works in Newark, travels to Atlanta for aThursday-Fridaybusiness conference. She stays
over after the conference and visits relatives and friendson Saturday. Under certain
circumstances, the meals and lodging expenses forSaturdaycan be considered as business
related.
· Question 6
2
out of 2 points
Once
the actual cost method is used, a taxpayer cannot change to
the automatic mileage method in a later year.
· Question 7
2
out of 2 points
By
itself, credit card receipts will not constitute adequate substantiation for
travel expenses.
· Question 8
2
out of 2 points
Madison
is an instructor of fine arts at a local community college. If she spends
$600 (not reimbursed) on art supplies for her classes, $250 of this amount
can be claimed as a deduction for AGI.
· Question 9
2
out of 2 points
If an individual is subject to the
direction or control of another only to the extent of the end result but not
as to the means of accomplishment, an employer-employee relationship does
not exist.
· Question 10
2
out of 2 points
An
education expense deduction may be allowed even if the education results in a
promotion or pay raise for the employee.
