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- 19. If an individual renders services to a creditor who in consideration thereof cancels the debt, the cancellation of indebtedness may,amount to a: a. Gift С. Donation inter vivos b. Capital contribution d. Payment of income CS Scanned with CamScannerAre the following assets real or financial?a.Patentsb.Lease obligationsc.Customer goodwilld.A college educatione.A $5 billexplain in detail regarding the follwing topic Tuition and Fees Deduction
- Which travel expenses are deductible and which ones are not? Provide reasons for both deductible and non-deductible travel expenses.Deductions (Obj. 3) Use the knowledge you have acquired from Chapters 1 through 6 to identify the following expenditures as (A) deductible for AGI (B) deductible from AGI or (C) not deductible. Ignore any AGI limitations. A Purchase of uniforms for work suitable for street wear B Homeowner’s insurance on the taxpayer’s main home C Union Dues paid by a steelworker D Unreimbursed employee business travel expense E Mortgage interest on rental property F Unreimbursed storm damage to trees in main home’s yard in federally-declared disaster area G Loss on sale of the taxpayer’s personal car not in federally declared disaster area H Repairs to friend’s car for damage caused when taxpayer’s car hit friend’s carExplain with examples the following: (a) Residence rule (b) Source rule (c) Relief for medical insurance premium (d) Expenditure incurred in the production of exempt income (e) Deductibility of expenses in relation to employment income
- Which of the following is excluded from gross income? a.Scholarships for tuition b.Prizes c.Rental income d.Hobby income e.All of these choices are included in gross income.1. All of the following are examples of legal liabilities, except for a. notes payableb. sales tax payablec. sick pay payable (may be taken as time off)d. property taxes payableWhich one of the following is a special type of liability? a. Accrued expenses b. Salaries payable c. Deferred income taxes d. Bond payable
- sales tax is collected from customers and paid to the a. board of equalization b. contract documents c. net profit for the year d. current and long term7 What are utilities, property taxes, and insurance all examples of? A O Contract contingencies. Terms of sale. Operating expenses. D Income projections.15. Related to insurance, what is a deductible and how does it work?