Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 1 pts Which 1 of the following can Laura claim as a tax deduction? Paid $100 in gas to commute to and from

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Question 1 1 pts Which 1 of the following can Laura claim as a tax deduction? Paid $100 in gas to commute to and from work Paid dues to her teacher's union As a first grade teacher, she bought books for her students Paid her former spouse alimony Next Question 3 1 pts Which 1 one of the following is true? Fred can deduct the damage to his house, which was located in a federally declared disaster area, caused by hurricane Sam can deduct the damage to his house, which was not located in a federally declared disaster area, caused by an earthquake Nancy can claim a theft loss deduction for her TV that was stolen (the theft did not occur in a federally declared disaster area) A deductible casualty loss does not have to be the result of a sudden or unexpected event Next Question 4 1 pts Which 1 of the following is not true? Mary can deduct the expenses for her illegal counterfeiting business Fred can deduct the fair market value of the watch he donated to a charity auction Mark can deduct the interest on his credit card balance Ethel cannot deduct the $100 of interest she paid on her the loan for her boat Next Question 5 1 pts Which one of the following is not a deductible medical expense? Kim paid a $1,000 fee when he adopted his seeing eye dog Betty paid $200 for a Native American shaman to treat her son's cancer. Scott paid $300 for meals as part of weight loss program Judy paid $500 to participate in a smoke-cessation program. Question 6 1 pts Which 1 of the following is not deductible? Chris donated $100 to a charity In 2000, Fred had $100 of gambling losses and $100 of gambling winnings Alex donated $100 to a political action committee Martha paid $300 in highway tolls when she drove to her doctor appointments Question 7 1 pts Which 1 of the following is not deductible? Larry's brother stopped making payments on the loan Larry made to him Lisa paid $100 of income taxes to Canada on interest she earned on her Canadian bank account Fred paid $300 in sales tax to the province of Ontario, Canada Amy paid $200 in property taxes to the city of Los Angeles. Next Question 8 1 pts Tax deductions are amounts that reduce taxpayers' taxable income, which generally reduces the amount of taxes they owe True False Question 9 1 pts Tax deductions are disallowed unless specifically allowed under federal tax laws True False Next Question 10 1 pts Some reasons that tax deductions are allowed are to account for large, unusual, and necessary personal expenditures and to encourage certain types of activities True False

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fraud Risk Assessment Building A Fraud Audit Program

Authors: Leonard W. Vona

1st Edition

047012945X, 978-0470129456

More Books

Students also viewed these Accounting questions

Question

Evaluating Group Performance?

Answered: 1 week ago