Question 1

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.

Accepted Answer

A) True 
 B)False

Question 2

A participant who is at least age 59 1/2 can make a tax-free qualified withdrawal from a Roth IRA after a five-year holding period.

Accepted Answer

A) True 
 B)False

Question 3

Felicia, a recent college graduate, is employed as an accountant by an oil company.She would like to continue her education and obtain a law degree.Discuss Felicia's tax status if she attends a local law school on a:

Accepted Answer

The answer of Felicia, a recent college graduate, is employed...

Question 4

An individual is considered an active participant in an employer-sponsored retirement plan merely because an individual's spouse is an active participant for any part of a plan year in applying the IRA phase-out provision.

Accepted Answer

A) True 
 B)False

Question 5

Ethan, a bachelor with no immediate family, uses the Pine Shadows Country Club exclusively for his business entertaining.None of Ethan's annual dues for his club membership are deductible.

Accepted Answer

A) True 
 B)False

Question 6

Ralph made the following business gifts during the year.  Presuming proper substantiation, Ralph's deduction is:

Accepted Answer

A)  $0.
B)  $53.
C)  $73.
D)  $78.
E)  $98.F) A) and D)
G) C) and D)

Exam 9: Deductions: Employee and Self-Employed-Related Expenses

Ralph made the following business gifts during the year. Presuming proper substantiation, Ralph's deduction is:

Correct Answer
verified

A participant who is at least age 59 1/2 can make a tax-free qualified withdrawal from a Roth IRA after a five-year holding period.

Correct Answer
verified

An individual is considered an active participant in an employer-sponsored retirement plan merely because an individual's spouse is an active participant for any part of a plan year in applying the IRA phase-out provision.

Correct Answer
verified

Felicia, a recent college graduate, is employed as an accountant by an oil company.She would like to continue her education and obtain a law degree.Discuss Felicia's tax status if she attends a local law school on a:

Correct Answer
verified

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.

Correct Answer
verified

Ethan, a bachelor with no immediate family, uses the Pine Shadows Country Club exclusively for his business entertaining.None of Ethan's annual dues for his club membership are deductible.

Correct Answer
verified

Exam 9: Deductions: Employee and Self-Employed-Related Expenses

Ralph made the following business gifts during the year. Presuming proper substantiation, Ralph's deduction is:

Correct AnswerverifiedShow Answer

A participant who is at least age 59 1/2 can make a tax-free qualified withdrawal from a Roth IRA after a five-year holding period.

Correct AnswerverifiedShow Answer

An individual is considered an active participant in an employer-sponsored retirement plan merely because an individual's spouse is an active participant for any part of a plan year in applying the IRA phase-out provision.

Correct AnswerverifiedShow Answer

Felicia, a recent college graduate, is employed as an accountant by an oil company.She would like to continue her education and obtain a law degree.Discuss Felicia's tax status if she attends a local law school on a:

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Ethan, a bachelor with no immediate family, uses the Pine Shadows Country Club exclusively for his business entertaining.None of Ethan's annual dues for his club membership are deductible.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified