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1. A participant, who is age 38, in a 401(k) plan may contribute up to what amount in 2019? a. $17,000 b. $19,000 c. $12,000

1. A participant, who is age 38, in a 401(k) plan may contribute up to what amount in 2019?

a.

$17,000

b.

$19,000

c.

$12,000

d.

$25,000

2.

Which of the following statements is correct in connection with the investigation of a business?

a.

If the taxpayer is not already engaged in the trade or business, the expenses incurred are deductible if the project is abandoned.

b.

Regardless of whether the taxpayer is already engaged in the trade or business, the expenses must be capitalized and amortized.

c.

That business must be related to the taxpayers present business for any expense ever to be deductible

d.

Expenses may be deducted immediately by a taxpayer engaged in a similar trade or business regardless of whether the business being investigated is acquired.

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