1) Phil Armonic is actively engaged in the oil business and owns numerous oil leases in the Southwest. During 2017, he made several trips to inspect oil wells on the leases. As a result of these overnight trips, he paid the following.

Plane fares $4,000

Hotels 1,000

Meals 800

Entertaining leases 500

Of the $6,300 in experience incurred he can claim as deduction expenses

a) 6,300

b) 5, 650

c) 5,000

d) 4, 650

2) What is the maximum number of distribution rollovers a taxpayer can make during one tax year for an IRA?

a) ten

b) four

c) two

d) one

e) there is no limit

3) JNN Corporation had inventory of $200,000 on December 31, 2017 ( ending inventory ). Other information is as follows:

Purchases $3,500,000

Sales 4,000,000

INventory 1/1/17 ( beginning inventory ) 600,000

what is the amount of Acacia's cost of goods sold for 2017?

a) 3,100,000

b) 1,600,000

c) 1,700,000

d) 3,000,000

e) none of the above

4) Charles is a self employed attorney who travels to Boston on a business trip during 2017. Barry's expenses where as follows:

Air fare $460

Taxis 60

Meals 200

Lodgings 550

Laundry 25

How much may Charles deduct as travel expenses for the trip?

a) 1,170

b) 950

C) 1,000

d) 1,195

5) Ann invested into limited partnership tax shelter in 2017. During 2017, his losses from the parnership amount to $50,000. If Ann has no passive income, what is the amount of Ann's deduction for passive losses for 2017?

a) 0

b) 50,000

c) 25,000

d) 20,000

e) 10,000

6) A taxpayer who has rental losses and also actively manages the rental property should be allowed to deduct rental loss againist other income if his/her AGI ( Adjusted Gross Income ) is below $100,000. The maximum amount allowed per year is

a) 0

b) 25,000

c) 10,000

d)100,000