11 Question of 20 Normally, no deduction is allowed for amounts paid in government sults, agreements or otherwise for a volation of taw. Which of the following would be an exception the this general rule of no deduction? Select all that apply. Payments the taxpayer establishes as restitution Required payments to come in compliance with any law violated or involved in investigation Identified in a court order or settlement agreement as restitution Required payments to come in compliance with any low violated or involved in investigation identified in a court order or settlement agreement as restitution All the Above SKIP TO END BACK NEXT 12 Question of 20 Would your client be eligible to utilize a 1031 exchange with intangible property? No, a 1031 exchange can only be used with transactions with real estate No, a 1031 exchange can be used on all tangible personal property and real estate, but not intangible property Yes, a 1031 exchange is used exclusively for transaction with intangible property Yes, a 1031 exchange can be used for transaction with any kind of property ons BACK NEXT SKIP TO ort 13 Question of 20 Which method of accounting was approved in 2019 by the TCJA for companies making less then $25 million in revenue? Accrual method Cash method First in first out method Last in last out method ons BACK NEXT SKIP TOE om 14 Question of 20 To what amount has the State and Local Tax deduction reduced? $15.000 $12.000 $12.500 $10.000 ons BACK NEXT SKIF sort se orts 15 Question of 20 At what point in time (date) does a revocation of an election become effective? The day the majority shareholder consent is reached The day the shareholders begin considering to revoke the election if they majority decides to revoke the election S-corps may choose the day on which the revocation is effective, S-corps will be provided a date by the federal government after applying for revocation tificates Student wersations BACK NEXT