1-(TCO G) Which of the following is not a passive activity? (Points : 5)

Owning a business and materially participating

Owning a vacation home

Owning an LP interest in a Publicly Traded Partnership

20% ownership of a residential rental property

2. (TCO G) An individual is considered a Material Participant if they pass which of the following tests? (Points : 5)

The activity is a personal service activity

The individual materially participated in the activity for 5 out of the last 10 years immediately proceeding the tax year.

The Individual participates in the activity for more than 50 hours per year and not less than any other individual.

The individual is considered an expert in this activity.

Question 3.3. (TCO G) What IRC Section prescribes the Hobby Loss rules? (Points : 5)

No such set of rules

IRC 138

IRC183

IRC 469

Question 4.4. (TCO G) Charlotte incurred health-related expenses in 2016. Which of the following is deductible as medical expenses? (Points : 5)

Toothpaste and dental floss for cavity prevention.

Breast augmentation.

Medical Insurance premiums paid with post-tax dollars.

Medical insurance premiums paid under an IRC 125 plan.

Question 5.5. (TCO G) What is an appropriate home office expense? (Points : 5)

Childcare costs while taxpayer working.

Improvements made to taxpayers master bathroom.

Allocable share of mortgage interest.

Allocable share of main phone line.