Expenses and losses from flow-through entities are subject to which of the following restrictions or limitations? Basis, Passive loss, Expenses and losses from flow-through entities are subject to all of the restrictions and limitations mentioned here (basis, at-risk, and passive loss rules), or at risk.

A loss from a passive activity is fully deductible as long as the taxpayer has sufficient tax basis in the activity. True or false?

• In 2017, taxpayers were able to claim which of the following deductions which wereindirectlyrelated to business activities? A.In 2017, all of these items were deductible even if only indirectly related to business activities.B. One-half of self-employment tax deduction c. Moving expenses d. Individual retirement accounts

The phrase "ordinary and necessary" means that an expense must be appropriate and helpful for generating a profit. True or false

All business expense deductions are claimed as miscellaneous itemized deductions. true or false

Generally, losses from rental activities are considered to be passive activity losses. true or false

In general, total deductible home office expenses are limited to the gross income derived from the business minus business expenses unrelated to the home (this is net Schedule C income before home office expenses). true or false.

In tax law, participants in rental real estate and limited partners without management rights are generally considered to be which one of the following? General partners, passive investors, participating on regular basis

Increases to a taxpayer'sbasisin his or her business investment includes which of the following? a. all choices are correct b. his or her share of undistributed income c. share of debt for partnership and s corporations d. cash invested.

Self employed taxpayers can choose between claiming the employer portion of self employment taxes paid as an itemized deduction or a deduction for AGI. true or false

• Which of the following is a true statement? A.rental expenses are deducted for AGI but all other business expenses must be itemized. b.To deduct expenses associated with any profit motivated activity, taxpayers must maintain a high level of involvement or effort in the activity throughout the entire tax year. c.Business activities cannot require a relatively high level of involvement or effort from the taxpayer. d.Congress allows employees to deduct the employer portion of their self-employment tax for AGI. e.All of the choices are true.

IRC 212 "In the case of an corporation, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year for the production or collection of income; for the management, conservation, or maintenance of property; or in connection with the determination, collection, or refund of any tax. True or false

Individuals are able to deduct rental real estate losses of up to $25,000 even if they have no passive income from other sources. However, once their AGI hits a $100,000 threshold they will no longer be able to deduct the loss from their rental propertyunlessthey have passive income from another source. true or false