1.

Because many state income tax laws differ from the federal income tax laws and from Generally Accepted Accounting Principles (GAAP), a company may be forced to keep different depreciation schedules for:

I. Each state they are operating in.

II. Federal purposes

III. Federal AMT purposes

IV. GAAP purposes

Group of answer choices

I and II

What's depreciation?

I, II and III

All of these might be needed.

II and III

2.

Required minimum distributions from a Traditional IRA must begin in the year you reach of the age of

Group of answer choices

It depends are which type of Traditional IRA you have.

72

70 1/2

75

70

3.

The Catch-up provision allows someone the ability to make a contribution of how much more to their IRA and at what age?

Group of answer choices

None of these

Over 65; $1,000

Over 50; $1,000

Over 55; $1,000.

Over 50; $1,500

4.

The maximum IRA Contribution is

Group of answer choices

None of these

$5,000.

$6,000.

25% of Earned income

15% of AGI

5.

Tax laws are passed for which if the following reasons:

I. To raise revenues.

II. To stimulate certain sectors of the economy.

III. To further the improvement of the tax law by increasing federal revenue so that all are treated equally under the law.

IV. To advance certain societal changes and social programs

V. To be fair.

Group of answer choices

All of these.

None of these

I, III and IV

I and II

I, II and IV