1. Which of the following was not a change from the Tax Cuts and Jobs Act of2017?

There is a new deduction for 20% of qualified business income.

The corporate income tax rate was reduced to21% flat.

Charitablecontributions are no longer deductible.

The itemized deduction for state and local taxes is capped at$10,000.

2.There are many differences between financial accounting income and taxincome and deductions. Which of the following is an example of a timing (temporary) difference?

Business meals are 50%deductible for tax purposes.

Municipal bond interest income is not taxable,generally.

Depreciation for tax purposes uses shorter asset lives than for financial accounting, generally.

Federal income taxes are never deductible for tax purposes.