covers exemptions resulting from the status of the taxpayer andexemptions based on the nature of incomeOA. Section 10OB. Section 8OC Section 1OD. Section 11Previous page

Further explanation of each option: A. Section 10 - This section covers exemptions resulting from…

Answered: covers exemptions resulting from the…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 6DQ

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M4
In lieu of itemizing deductions, a taxpayer can elect to use or claim: a. deduction for AGI b. The standard deduction. c. Itemized deduction. d. Gross deduction.
13. Statutory employees: a.Claim their expenses as deductions for AGI. b.Report their expenses as miscellaneous itemized deductions. c.Are subject to income tax withholdings. d.Include common law employees.
Section 6-5 of ITAA 1997: a. Both (A) and (B) are correct. b. Seeks to assess the taxpayer’s income when it is received. c. Seeks to assess the taxpayer’s income when it is derived. d. Both (A) and (B) are incorrect.
Distinguish between exemptions and deductions in determining taxable income
A major objective of MACRS is to: O A. Ensure that the amount of cost recovery for tax purposes will be the same as book depreciation. B. Reduce the amount of the cost recovery deduction on businesses tax returns. C. Help companies achieve a faster write-off of their capital assets. D. Require companies to use the actual economic lives of assets in calculating cost recovery for tax purposes.
3) What are the deductions to the Taxable Income made in BIR form 1701 and 1701A?
Question 4: Taxable earnings for Social Security tax are always the same as taxable earnings for federal income tax withholding. Answer: A. O True В. O False
6. There is no taxable income until such income is recognized. Taxable income is recognized when the (BEQ) a. taxpayer fails to include the income in his income tax retum. b. income has been actually received in money or its equivalent. income has been received, either actually or constructively. d. transaction that is the source of the income is consummated. CS Scanned with CamScanner
Which of the following accurately describes when a taxpayer may report capital gain/loss transactions directly on Schedule D instead of using Form 8949?
It refers to a flow of wealth to the taxpayer which is not treated as part of gross income for purposes of computing the taxpayer’s taxable income. a. Deductions b. Exceptions c. Exclusions d. Any of the above
I. Compensation and business income are returnable income that are subject to final income tax. II. When a taxable income is subjected to final tax, that income shall be excluded in the computation of taxable net income subject to basic income tax under the graduated tax rate. a. TT b. FF c. TF d. FT

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covers exemptions resulting from the status of the taxpayer and exemptions based on the nature of income OA. Section 10 OB. Section 8 OC Section 1 OD. Section 11 Previous page