Question
1. Which of the following expenses, if any, qualify as deductible for Federal income tax purposes? a. Contribution to a Roth IRA. b. Contribution to
1. Which of the following expenses, if any, qualify as deductible for Federal income tax purposes?
| a. | Contribution to a Roth IRA. | |||
| b. | Contribution to a traditional IRA | |||
| c. |
| |||
| d. | Contributions to a qualified tuition program ( 529 plan) |
2. If a residence is used primarily for personal use (rented for fewer than 15 days per year), which of the following is correct?
| a. | No expenses are deductible. | |
| b. | No income is included in AGI. | |
| c. | Expenses must be allocated between rental and personal use. | |
| d. | Only a. and b. are correct. |
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Financial accounting
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
8th Edition
9780135114933, 136108865, 978-0136108863
