16 Question of 20 Under section 179 of the Tax Code, can a taxpayer deduct the full purchase price of a vehicle used for both business and personal use? Yes, if the vehicle is used at least 40% of the time for business purposes. Yes. If the vehicle is used for business purposes more than 50% of the time. No they vehicle would have to be used exclusively for business purposes No vehicles can never be deducted BACK NEXT SKIP TO END 2020 FEDERAL TAX LAW UPDATES SECTION 7 (FINAL QUIZ) 17 Question of 20 If you have a single individual making more taxable income than $200.000 how will their tax rate be affected? They will have to pay an extra 3.8% on all passive income They will have to pay an extra 36% on all passive income There will be no change unless they make more than $250.000, There will be no change unless they make more than $300,000 Bons BACK NEXT SKIP TOE 19 Question of 20 What is include in the definition of qualified business income (OBI" under IRC section 1994? For any taxable year, all business income Far any taxable year, the net amount of qualified items of income gain (not deduction), and loss attributable to the business. For any taxable year, the net amount of qualified items of income gain deduction, and loss attributable to any qualified trade or business of the taxpayer For any taxable year all qualified REIT dividends or qualified PTP income. BACK NEN SKIP TO END Course Reports 20 Question of 20 Why would a taxpayer be unable to utilize the standard deduction? If they chose to itemized their deductions If they make less than $100,000 If they make more than $100,000 If they choose not to iternize their deductions Certificates Student Conversations BACK NEXT A Support