dved Salaries of highly compensated executives are limited to $1,000,000 each as a deductible business expense. True False Next Page ved Question 5 (2.5 points) Which of the following fringe benefits would likely not be taxable to an employee? Parking permit in downtown Dallas, which costs $500/month De Minimis gift Free suite at the Dallas Cowboys football game All of the above are taxable to employees. Employees who take a distribution from a defined contribution plan, such as a 401(k), are subject to a penalty of 10% if they are younger than 59 1/2, unless they are at least 55 and have retired or were let go from their job. True False Next Page Page 4 of 50 Question 12.5 points) Saved Restricted stock is ordinary income to the employee, at market value on the grant date, when the employee makes a Section 83(b) election. True False Question 21 (2.5 points) Saved A head of household taxpayer may exclude the gain on the sale of a personal residence up to $500.000, from taxable income. True False