Indicate whether the statement is true or false. 1. The key date for calculating cost recovery is the date the asset is placed in service a. True b. False 2.MACRS depreciation is used to compute earnings and profits. a. True b. False 3. Jake performs services for Maude. If Maude provides a helper and tools, this is indicative contractor (rather than employee) status. a. True b. False 4. The work-related expenses of an independent contractor are treated as itemized deductio a. True b. False 5. Amy lives and works in St. Louis. In the morming she flies to Boston, has a three-hour b returns to St. Louis that evening. For tax purposes, Amy was away from home. a. True b. False 6. The election to itemize is appropriate when total itemized deductions are less than the s on the taxpayer's filing status. a. True b. False -7. Interest paid or accrued during 2018 on aggregate acquisition indebtedness of $2 millio for married persons filing separate returns) is deductible as qualified residence intere a. True b. False 8. Sadie mailed a check for $2,200 to a qualified charitable organization on December contribution is deductible on Sadie's 2018 tax return if she itemizes her deductions. a. True b. False 9. Nathan owns Activity A, which produces income, and Activity B, which produces tax planning perspective, Nathan will be better off if Activity A is passive. a. True b. False Indicate whether the statement is true or false. 1. The key date for calculating cost recovery is the date the asset is placed in service a. True b. False 2.MACRS depreciation is used to compute earnings and profits. a. True b. False 3. Jake performs services for Maude. If Maude provides a helper and tools, this is indicative contractor (rather than employee) status. a. True b. False 4. The work-related expenses of an independent contractor are treated as itemized deductio a. True b. False 5. Amy lives and works in St. Louis. In the morming she flies to Boston, has a three-hour b returns to St. Louis that evening. For tax purposes, Amy was away from home. a. True b. False 6. The election to itemize is appropriate when total itemized deductions are less than the s on the taxpayer's filing status. a. True b. False -7. Interest paid or accrued during 2018 on aggregate acquisition indebtedness of $2 millio for married persons filing separate returns) is deductible as qualified residence intere a. True b. False 8. Sadie mailed a check for $2,200 to a qualified charitable organization on December contribution is deductible on Sadie's 2018 tax return if she itemizes her deductions. a. True b. False 9. Nathan owns Activity A, which produces income, and Activity B, which produces tax planning perspective, Nathan will be better off if Activity A is passive. a. True b. False
