1. Oprah Winfrey once gave her entire audience brand new cars. Those cars, were considered gifts and thus exempted from taxable income

T/F?

2. Anna and Sven had a 20 year old son Olaf. Olaf attended Arrendale college during the year as a full-time student and his parents supported him throughout the year. Olaf qualifies as a child and thus a qualifying dependent on Anna and Svens US tax return, however he does not qualify for the child tax credit.

T/F?

3. Flow thru income is taxed by the recipient based on their marginal tax rate after reducing flow thru income for the Qualified Business Deduction of 45%

T/F?

4. Taxpayers may deduct medical expenses on their tax return not to exceed 7.5% of their AGI.

T/F?

5.The TCJA enacted a new rule within IRC 163j whereby companies may be limited on the amount of interest expense they can deduct annually.

T/F?