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can someone help me with MCQ 9. On January 15. 2020. Carl purchased the rights to a mineral interest for S3,500,000. At the time, it

can someone help me with MCQ image text in transcribed
9. On January 15. 2020. Carl purchased the rights to a mineral interest for S3,500,000. At the time, it was estimated that the recoverable units would be 500,000 . During 2021,40,000 units were mined and 25,000 units were sold for $800,000. Carl incurred operating expenses during 2021 of $500,000. The applicable percentage depletion rate is 22%. Determine his depletion deduction a. $150.000 b. $175.000 c. $176,000 d. $200,000 10. During the year, Ezekiel travelled from Columbus, OH to Honolulu, HI on business. He is self-employed. Preceding the five-day business meeting, he spent four days vacationing in Hawaii. His expenses for the trip are: -Airfare(r/t)-Lodging(perday)-Meals(perday)$1,8006050 Presuming no reimbursement, deductible expenses are: a. $1.800 b. $2,225 c. $2,350 d. $2,790 11. Tax advantages of being selt-employed (rather than being an employee) include: a. The self-employment tax is lower than the Social Security tax. b. The overall limitation (50%) on meals does not apply. c. Job-related expenses are deductions for AGI. d. All of the above. 12. Daryl is single and has a college degree in accounting and is a self-employed CPA. His AGI is $65.000. During 2022. he enrolled in a part-time M.Acc. (Master of Accotunting) program and incurred the following expenses: 55,500 (tuition). $800 (books). $200 (other school supplies), and $100 (transportation to and from campus). His maximum deduction(s) in 2022 is (are): a. Deduction of $0. b. Deduction for AGl of $6,600 and deduction from AGI of $0. c. Deduction for AGI of $4.000 and deduction from AGl of S0 d. Deduction for AGI of S4.000 and deduction from AGl of S2.600

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