Which of the following is a false statement regarding Bonus Depreciation? OA. Bonus Depreciation is useful to very large businesses spending more than the Section 179 spending limit OB. Businesses with a net loss in a given tax year qualify to carry-forward the Bonus Depreciation to a future year O C. Bonus Depreciation only covers new equipment O D. When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation Tom is an insurance agent and small business consultant during 2018. He takes one of his clients golfing to give guidance on a business transaction and sell an insurance policy. During the outing he spends $400. Tom can take a deduction for what amount on his income tax return for his entertainment expenses? O B. $100 C. $200 D. $400 In 2018, Chloe lived in Portland and accepted a job in Atlanta. Under an accountable plan, her employer reimburs her actual traveling expenses from Portland to Atlanta and the cost of moving her furniture to Atlanta. Chloe's employ included $3,200 on her Form W-2, box 12, with Code P. However, Chloe's allowable moving expenses were $3,900. What amount can she deduct as moving expenses on her income tax return? er A, $0 B. $350 C. $700 D. $3.200 The Tax Cuts and Jobs deduction for moving expenses is suspended, except for which of the following? Act (TCJA) provides that for tax years beginning after December 31, 2017 until January 1, 2026, the OA, Merchant marines serving aboard vessels under the operational control of the Department of Defense B. Red Cross personnel O C. Members of the Armed Forces (or their spouse or dependents) on active duty who move pursuant to a military order and incident to a permanent change of station D. Army reserve personnel Lois and Clark are married, filing jointly taxpayers. Their adjusted gross income (AGI) for the year is $57,600. What is the total amount of Lois and Clark's personal exemptions for 2018? O B. $4,15o O c. $5,500 OD. $8,300 In 2018, Matthew is age 69 and is a single filing taxpayer. He cannot be claimed as a dependent on another taxpayer's income tax return. Matthew must file an income tax return if he earns what amount or more? A. $4,050 . $6,350 O C. $12,000 D. $13,600 In 2018, Lorena is age 39 and is a single filing taxpayer. She cannot be claimed as a dependent on another taxpayer's income tax return. Lorena must file an income tax return if she earns what amount or more? OA. $4,150 B. $6,500 Oc. $10,000 O D. $12,000 For tax year 2018, which of the following is correct regarding the standard deduction? A. The standard deduction for single taxpayers rises to $10,000, up from $9,350 in 2017 B. The standard deduction for married taxpayers rises to $12,000, up from $9,350 in 2017 C. The standard deduction for heads of household rises to $18,000, up from $9,350 in 2017 D. The standard deduction for surviving spouses rises to $12,000, up from $9,350 in 2017 Alan, 46, and Donna, 33, are filing a joint return for 2018. Neither is blind, and neither can be claimed as a dependent. They decide not to itemize their deductions. What is their standard deduction? OA. $0 B. $12,000 C. $18,000 O D. $24,000 ards to negotiating a taxpayer's refund check, a tax preparer that is also a financial institution, but has not made a loan to the taxpayer on the basis of the taxpayer's anticipated refund, may complete all of the following transactions except: OA. Cash a refund check and remit all of the cash to the taxpayer OB. Endorse a taxpayer's refund check and electronically direct payment into an account owned and controlled by the practitioner for an income tax return the practitioner prepared O C. Accept a refund check for deposit i OD. Endorse a refund check for deposit in full to a taxpayer's accou n full to a taxpayer's account provided the bank does not initially endorse or negotiate the check int pursuant to a written authorization of the taxpayer