GET Vai Dado c. None of these d. 854,000 0.89,000 QUESTION 16 In cash basis accounting, for tax purposes: Income is recognized when it is actually or constructively received and expenses are recognized when they are actually or constructively incurred, regardless of when paid. b. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. c. The cash basis is not allowed for businesses reported on Schedule C. d. Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. QUESTION 17 Peter and Joan are married and Joan has self-employment income of $240,000. Peter is retired. How much additional 0.9% Medicare tax will Peter and Joan owe with their 2019 income tax return? a. So b. They will receive a 590 refund c. 52,160 d. 8360 QUESTION 18 Which of the following is not an adjustment or tax preference item for 2019 for purposes of the individual alternative minimum tax (AMT)? a. Interest from private activity bonds b. State income tax refunds c. Cash charitable contributions d. All of these are adjustment or tax preference items for AMT e. Certain passive losses QUESTION 19 Mary sells to her father, Robert, her shares in AA Corp for $55,000. The shares cost Mary $80,000. How much loss may Mary claim from the sale? Click Save and Submit to save and submit. Click Save All Answers to save all answers GET Vai Dado c. None of these d. 854,000 0.89,000 QUESTION 16 In cash basis accounting, for tax purposes: Income is recognized when it is actually or constructively received and expenses are recognized when they are actually or constructively incurred, regardless of when paid. b. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. c. The cash basis is not allowed for businesses reported on Schedule C. d. Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. QUESTION 17 Peter and Joan are married and Joan has self-employment income of $240,000. Peter is retired. How much additional 0.9% Medicare tax will Peter and Joan owe with their 2019 income tax return? a. So b. They will receive a 590 refund c. 52,160 d. 8360 QUESTION 18 Which of the following is not an adjustment or tax preference item for 2019 for purposes of the individual alternative minimum tax (AMT)? a. Interest from private activity bonds b. State income tax refunds c. Cash charitable contributions d. All of these are adjustment or tax preference items for AMT e. Certain passive losses QUESTION 19 Mary sells to her father, Robert, her shares in AA Corp for $55,000. The shares cost Mary $80,000. How much loss may Mary claim from the sale? Click Save and Submit to save and submit. Click Save All Answers to save all answers