1. Vacation home is classified as primarily personal when it is rented for fewer than 14 days during the year. True or False 2. Municipal bond interest is excludible from gross income. True or False Under current law there is a limit on the property taxes that can be taken as an itemized deduction. True or False 4. A cash basis taxpayer can deduct an expense if he/she borrows the money to pay the expense. True or False 5. Repair cost on a house can be added to the adjusted basis of the house. True or False 6. Gino, who will be 17 in July can qualify as a dependent of his single parent mother Angelina as eligible child for the child tax credit. True or False 7. Pedro is charged with a crime of money laundering in his Bar and Grill. His legal defense is tax deductible. True or False 8. Youn can deduct for AGI the casualty loss of his residence as the President declared it to be in a Federally declared disaster area. True or False 9. Legal expenses for a divorce that are related to a trade or business activity or a rental active are deductible if ordinary and necessary expenses. True or False 10. Per the code all expenses must be ordinary, necessary and reasonable to be deductible. True or False 1. Vacation home is classified as primarily personal when it is rented for fewer than 14 days during the year. True or False 2. Municipal bond interest is excludible from gross income. True or False Under current law there is a limit on the property taxes that can be taken as an itemized deduction. True or False 4. A cash basis taxpayer can deduct an expense if he/she borrows the money to pay the expense. True or False 5. Repair cost on a house can be added to the adjusted basis of the house. True or False 6. Gino, who will be 17 in July can qualify as a dependent of his single parent mother Angelina as eligible child for the child tax credit. True or False 7. Pedro is charged with a crime of money laundering in his Bar and Grill. His legal defense is tax deductible. True or False 8. Youn can deduct for AGI the casualty loss of his residence as the President declared it to be in a Federally declared disaster area. True or False 9. Legal expenses for a divorce that are related to a trade or business activity or a rental active are deductible if ordinary and necessary expenses. True or False 10. Per the code all expenses must be ordinary, necessary and reasonable to be deductible. True or False