Question 6 1 pts Tim is sales representative for major company. His employer provides him vehicle to make all his sales calls and allows him to use the vehicle for personal use. Which of the following is not true? Even though the vehicle is available, if he does not use it for personal use, there is no taxable income to him If he keeps good records of how many miles he drives the vehicle for personal use and how many for business, only the portion driven for personal use will be considered in determining the taxable income from using the vehicle The personal use of the vehicle is a fringe benefit and personal use of it is not a taxable issue He could ask his employer to pay him mileage for using a personal vehicle for his sales calls instead of providing a company vehicle and the mileage payment would not be taxable Question 7 1 pts A municipal bond is paying 4%. If your client has a 24% marginal tax rate, this is comparable to a taxable yield of 6.57% O 4% O 16.67% O5.26% Question 9 1 pts Paul invests $25,000 in a mutual fund and elects to have all dividends and capital gains reinvested. At the end of the year in which he buys the fund, it has generated $2,500 in long term capital gains, $1,000 in short term capital gains, and $3,000 in dividends. What is included in Paul's gross income? O$3,000 O $3,500 ONothing because the dividends and capital gains were reinvested $6,500 Question 3 1 pts You decide to swap some financial planning services with an attorney to do your estate plan. The attorney normally charges a flat fee of $2,500 for the estate planning services you received. You would normally charge $1,500 for the services you gave the attorney. What do you need to report as income? O $1,500 O$2,500 O$5,000 Nothing since no money changed hands