A taxpayer with a federal tax liability of $1000 after timely estimated quarterly payment that is less than 25% of the annual tax liability will qualify for penalty deductibility.

True

False

As discussed in class, travel from one job to a second job is non-deductible commuting expense.

True

False

Under the all-inclusive concept of income, employer provided benefits are taxable unless it is a specifically excluded item.

True

False

A profit seeking motive is not necessary when deducting expenses classified as a hobby.

True

False

Hobby losses are deductible if (mark all that apply)

A. profit occurs in any 3 of 5 consecutive years.

B. hobby losses are never deductible

C. intent to earn a profit exists

D. the losses are rebuttably presumed