HS321: Chpt 7

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0 [{"id":399226,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"Business expense deductions for tickets to entertainment events are limited to 50 percent of the face amount of the tickets and 100 percent of any premiums paid to a ticket agency. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":10,"explanation":"The deductible amount for tickets is limited to the face amount only, subject to the 50 percent limitation. There is no deduction allowed for any premiums paid.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399224,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"A taxpayer who invites a business client and spouse to a nightclub may deduct the expense, even if no business discussion took place before or after the nightclub visit. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":8,"explanation":"The deduction would be denied because the setting was such that there was little or no possibility of engaging in the conduct of business. Discussions at nightclubs, theaters, or sporting events are not generally considered \u201cdirectly related\u201d to the business, but may qualify if a business discussion took place before or after the event (under the \u201cassociated with\u201d requirement).","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399219,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"Although ordinary and necessary business expenses are generally deductible, the expense must be reasonable to be deductible when it arises in the area of compensation. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":3,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399221,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"A taxpayer has a choice between itemizing business transportation expenses or taking a standard mileage rate specified by the IRS. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":5,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399223,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"A taxpayer who invited some of his business customers to his daughter's wedding may deduct the cost of the wedding as a business entertainment expense. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":7,"explanation":"Although the guests were mostly business customers, the expense would be denied because the event was not related to the taxpayer\u2019s trade or business.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399227,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"Country club dues are deductible entertainment expenses if the use of the facility is primarily for furtherance of the taxpayer's business. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":11,"explanation":"Country club dues are not deductible","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399220,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"The deduction for qualified higher education expenses is available regardless of the taxpayer's income. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":4,"explanation":"The deduction is disallowed when the taxpayer\u2019s adjusted gross income exceeds a specified amount based on filing status.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399218,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"All business expenditures, including fines and penalties, are deductible. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":2,"explanation":"There are certain expenditures that are not deductible because to allow them would be against public policy. Included in this category are fines or similar penalties paid to a government for a violation of a law as well as illegal bribes and kickbacks.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399225,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"Meals furnished to employees on business premises are deductible by the employer without regard to the 50 percent limitation. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":9,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399216,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"A business expense need not be made at regular intervals in order to be considered ordinary and necessary. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":0,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399217,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"Business expenditures are not deductible if they are illegal under state or federal law. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":1,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399222,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"Expenses for commuting are nondeductible. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":6,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399230,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"Expenses for tax advice are deductible as expenses for the production of income. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":14,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399228,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"If a taxpayer does not keep records of the use of an entertainment facility, then for tax purposes the use of the facility will probably be treated as a personal expense. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":12,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399229,"quiz_id":"20197","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:19:31","updated_at":"2018-03-10 03:54:21","questionName":"If an entertainment expense is associated with the taxpayer's business, the taxpayer should record the place and time of the business discussion as well as the persons who were entertained and participated. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":13,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null}]
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Business expense deductions for tickets to entertainment events are limited to 50 percent of the face amount of the tickets and 100 percent of any premiums paid to a ticket agency. [2]

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