ACCT 553 Week 3 Homework ES ( Quiz Set 1 )
For more course tutorials visit www . uophelp . com
Chapter 4 1 . Your brother is short on cash and cannot pay his rent this month . You pay his rent for him . Is this taxable income to your brother ? Do you get a deduction ? ( 2 pts ) 2 . Which of the following items would be excluded from income ? ( a ) $ 100 bill found under the sugar caddy at the restaurant ( b ) Inheritance of a car from your grandmother valued at $ 5,000 . ( c ) Loan from your father-in-law to start your business , ( d ) Child Support received totaling $ 16,500 . ( 4 pts ) Chapter 5 3 . Shaun & Kayla earned the following in 2013 : Interest on a Savings account of $ 36 , Interest on a U . S . Series EE Savings Bond of $ 25 , Interest on a CD that has not matured yet of $ 20 . How much taxable interest income must they report on their 2013 tax return ? ( 4 pts ) 4 . Explain what a Cafeteria Plan is ( hint : it has nothing to do with what you eat between classes : - ) ). ( 5 pts ) Chapter 6 5 . Explain the limitations placed on the deductibility of Business Gifts ? What code section dictates this treatment ? ( 5 pts )
================================================
ACCT 553 Week 3 Homework ES ( Quiz Set 1 )
For more course tutorials visit www . uophelp . com
1 . ( TCO A ) A taxpayer may litigate a tax dispute without first paying the tax in the : 2 . ( TCO F ) A business bad debt is deductible for tax purposes as a ( n ): 3 . ( TCO I ) Under the cash method of tax accounting , tax deductions are generally taken when : 4 . ( TCO A ) Which of the following constitutes tax evasion ?