In an attempt to locate fuser potential coverage needs, a producer interviews a prospective client who owns a home covered by an HO-3 policy. For which of the following items does the client already have coverage? a. the steroids system installed in his automobile b. the ultra-light airplane stored in his garage c. his business property kept in his office that he rents d. the rental value of the room in his home that he rents

In an attempt to locate fuser potential coverage needs, a producer interviews a prospective client who owns a home covered by an HO-3 policy. For which of the following items does the client already have coverage? a. the steroids system installed in his automobile b. the ultra-light airplane stored in his garage c. his business property kept in his office that he rents d. the rental value of the room in his home that he rents

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 21MCQ

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In which of the following situations may the taxpayer take an education expense on Schedule C? a.John, a plumber by trade, is taking classes to qualify as an electrician so he may take on more complex contractor jobs. b.Henry, a self-employed administrative assistant, is taking an advanced Word computer program class through an adult school program. c.Ann Marie, a hostess at a restaurant, is taking a review course in order to pass the certified financial planner examination. d.Barbie, a salesperson, is flying on numerous commercial airplanes in order to observe the flight attendants so that she may improve her public relations skills.
Which one of the following child or dependent care expenses qualifies as an employment-related expense? a.Payments to a full-time nursing home for your dependent mother-in-law b.who is NOT mentally or physically incapacitated. c.Payments for transportation to and from nursey school. d.Payments to a nursery school for your preschool children. e.Payments to a lawn service when a child is cared for in home.
Steven is a mortgage broker who receives referrals from a real estate agent on a regular basis. The real estate agent has told the Steven that she will be sending him several clients who may have trouble being approved because of their income. Steven is concerned that if he cannot get these clients approved the real estate agent will find another mortgage agent who can. Given this scenario which of the following statements is correct? Select one: a. The mortgage agent should consider each applicant on their own merits and do the ones he can ethically do b. The mortgage agent must not do these deals as they are likely fraudulent c. The mortgage agent must refer this situation to his principal broker since he knows they are fraudulent d. The mortgage agent should tell the real estate agent that he cannot do these deals because he would have to commit fraud
Which of the following situations describes a risk exposure that can be most appropriately insured against with an individual disability income policy? A)A self-employed bookkeeper earns $40,000 a year out of a small office located in her neighborhood, and wants to protect her income. B)A lawyer wants to make sure his business overhead expenses are covered if he becomes disabled. C)A couple with a military retirement income manages a self-storage business, and they are compensated with a place to live that is on the premises of the business. D)An accountant's spouse owns the building in which the accounting office is located. All of the practice’s income is used to pay rent and other business expenses, so the accountant has no compensation from the business.
alice is a planning to attend several professional events and will purchase a suit costing between $100 and $200 dollars. she will wear them to the event and return them the next day for a refund. comment on the ethics of her plan and if there is a problem with the plan provide alternatives
Sharp Accounting rents a floor in an office building. Their insurance advisor has suggested that they consider coverage under the Legal Liability Coverage Form. The Legal Liability Coverage Form Provides a lower premium rate than direct property insurance on the covered real property. Contains a coinsurance condition that applies to property in Sharp's custody. Contains a deductible that applies to damage caused by Sharp. Provides coverage for property of others in Sharp's custody regardless of fault.
A couple applied for a loan to finance the purchase of a new home. What federal act was created to ensure that they have knowledge of all closing costs? a. fair credit reporting act b. equal credit opportunity act c. uniform settlement act d. real estate settlement procedures act
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Ronald started his new job as a controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contained information on the company's health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross or Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program best fits his needs. The following is an overview of that information. a. The monthly premium cost for Ronald for the Blue Cross or Blue Shield plan will be $51.28. For all doctor's office visits, prescriptions, and major medical charges, Ronald will be responsible for 20 percent and the insurance company will cover 80 percent of the covered charges. The annual deductible is $500. b. The HMO is provided to employees free of charge. The copayment for doctors' office visits and major medical charges is $15. Prescription copayments are $10. The HMO pays 100 percent after Ronald's…
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