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330 Tax Accounting Chap 7,8,11,13,14 Flashcards | StudBud
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330 Tax Accounting Chap 7,8,11,13,14
A non business debt
Child Tax Credit is Refundable
330 Tax Accounting Chap 7,8,11,13,14
61 terms
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Review for DeDeker 2017 Acct 330 Fourth Exam
Flashcards
61 cards
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Questions
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Answers
1
Child Tax Credit is Refundable
False
True
2
A non business debt
Is related to a trade or business
Is not related to a trade or business
3
MACRS
250%
150%
200%
50%
4
Credit for Paying Tax on Foreign Income
Foreign Source Income Credit
The Trump Tax Credit
Earned Income Credit
Foreign Tax Credit
5
Passive Losses
Cannot be carried forward
Can never be used
Can only be offset against passive gains
Can be offset against all income
6
Casualty losses do not include
Robbery
Lost items
Larceny
Embezzelment
7
Section 179 Limit on Autos
$50,000
$75,000
$15,000
$25,000
8
Tax Credits Received Only to the Extent of Tax Due
Refundable
Non-Refundable
Fun
9
Material Participation includes all but
Must do substantially all of the participation
If personal service activity must participate in last 2 yrs
Must participate 5 of the last 10 years
Hours must exceed 500
10
3 Types of Income Include all but:
Earned
Passive
Active
Portfolio
11
Basis of A Gift
Donors basis of property
Donors basis plus gift tax paid
FMV of Property at date of gift
No basis is given with a gift
12
Additional Tax On Wages
Is Paid By the Employer
0.9% of All Wages over $200,000
0.9% of All Wages
13
Credit for Child and Dependent Care Expenses is a Refundable Credit
True
False
14
MACRS
Modified Accentuated Cost Recovery
Straight Line
Modified Accelerated Cost Recovery
Made Accelerated Cost Recovery
15
Small Business Stock (Sec 1244)
Must be an individual and the original owner
Income can be passive or active
Aggregate Capital Less that $2 million
Can be domestic or foriegn
16
Listed Property Does Not Include
Passenger Auto
A Wood Lathe Used in Trade or Business
Cell Phone
Computer
17
Maximum Child Tax Credit per Child Currently Is
$1,000
$2,000
$500
$250
18
Child Tax Credit MFJ Phaseout Starts At
$110,000
$75,000
$100,000
$130,000
19
Net Operating Loss (NOL) non casualty loss
Carryback 2 Carryforward 20
Cant be carried back
Carry back 3 carryforward 20
Carry back 20 Carryforward 2
20
Section 179 Expense Can Create a NOL?
False
True
21
Energy Credit Can be Used for All But
Switching a house from oil to propane
Buying new energy efficient windows
Install geo-thermal heating system
Purchase of a solar water heater
22
Convention Used When >40% Of Assets Placed in Service in the last quarter
Half-Year
Part-Year
Mid-Quarter
Full-Year
23
Election to Expense Certain Depreciable Assets
Section 1250
Section 79
Section 1244
Section 179
24
The Maximum American Opportunity Tax Credit is For
$1,000
$2,500
$2,000
$3,500
25
Casualty Losses are Deducted
When it can be estimated as to the value of the loss
In the year of loss
In the year after the loss
In the year before the loss
26
Education Credits Include All But
The Barack Obama Education Credit
A $4,000 Deduction for AGI
American Opportunity Credit
Lifelong Learning Credit
27
Basis of Inherited Property
FMV of Property at Date of Death
Basis of donor plus gift tax paid
No basis is given at death
Based on Gift Tax Paid
28
A scheme to avoid or defer taxes legally
Tax Shelter
Embezzlement
Tax Erosin
Tax Evasion
29
Employer Shared Responsibility Payment
All Businesses are Penalized this for not having Insurance
Businesses with 50 emp are penalized for no Heath Insurance
All Employers Get this Credit
30
Real Estate Depreciation Under MACRS
Allows for 150%
Must be Straight Line
Allows for 200%
Must be Half-Year
31
A Refundable Credit
Rehabilitation Credit
Low-Income Housing Credit
Earned Income Credit
Work Opportunity Credit
32
Suspended passive loss credits exceeding the gain on final sale of the assets
Are lost when they exceed the gain of the sold asset
Used as a general loss in the year of sale of the asset
Can be used to offset portfolio income
33
Credit Received to Rehabilitate Commercial Buildings
Earned Income Credit
Rehabilitation Credit
Work Opportunity Tax Credit
Child Care Credit
34
Residental Rental Property Useful Life
10 Years
39 Years
27.5 Years
7 Years
35
Not Subject to Depletion
Timber
Gas
Oil
Luxury Auto
36
Earned Income Credit Can Only Be Received with a Qualified Dependent
False
True
37
Realty
Land and Buildings
The Truth
A Dump Truck
Equipment
38
Wisconsin Homestead Credit for Certain Income Level Taxpayers
Credit for Property Taxes Paid
Credit for Rent Paid
Credit For Property Taxes or Rent Paid
Credit for Interest Paid on a Mortgage
39
Tax Credits Received Regardless of Tax Liability
Fun
Non-Refundable
Refundable
40
A business bad debt
Is deductible as an ordinary income loss
Deductible from AGI
Is deductible as a capital loss
Is not deductible
41
Rental Activities
Portfolio Income
Active Income
No Income
Passive Income
42
Section 179 Assets Placed in Service Limitation
$1 Million
$2 Million
$6 Million
$4 Million
43
Tax Credit to encourage employers to hire targeted populations
Work Opportunity Tax Credit
Summer Work Credit
Earned Income Credit
Rehabilitation Credit
44
Material Participation hours
Must exceed 400 hours
Must exceed 250 hours
Must exceed 500 hours
Any hours are fine as long as it is hard work
45
Rental Real Estate Must Use
27.5 Mid-Month
10 Year Mid-Month
10 Year Mid-Quarter
27.5 Half-Year
46
A non business bad debt loss
Is not deductible
Figured as a capital loss
Figured as a loss of ordinary income
47
Partner limited to only their investment in the partnership
General partner
Limited partner
Full partner
Real partner
48
American Opportunity Credits Applies
For the First 4 Years of Higher Education Expenses
Never
Forever
For the First 2 Years of Higher Education
49
Congress Created the ACRS in
1950
2016
1986
1981
50
The ACA Mandate Deemed a Tax for Not Having Health Insurance
Individual Shared Responsibility Payment
Individual Shared Payment
Shared Responsibility Payment
Family Shared Responsibility Payment
51
Can only show losses to extent of investment
At Risk Limitation
Passive Loss Limitation
Tax Shelter Limitation
Limitation of Losses
52
Rental Activity is Always Active for the Following Individuals
Accountants
Doctors
Real Estate Professionals
Owner Occupied Duplex
53
Worthless Securities
Don't make any income
Have no value
54
Passive Losses
Can be carried forward but only used against passive income
Carried back 2 Carryforward 20
Can be carried forward forever until the asset is sold
Cannot be carried forward
55
General Business Credits
Carry back 3 carry forward 20
Carry forward 20
Carry back 1 carry forward 20
Cannot be carried forward
56
Payroll Withholding and Allowances are Received from the Employee On A
1099
941
W-4
W-2
57
Suspended passive losses that exceed the gain from the final sale of the asset
Carried back 2 years carry forward 20
Can be used as a general loss in the year of sale
Is Lost
Is carried forward until another passive loss occurs
58
Premium Tax Credit
Is Paid In Cash
Received for Having Insurance based on the Fed Poverty Line
Received for Having Insurance based on your Income
Everyone Gets it For Having Insurance
59
Reporting 4 Allowances Instead of 2 Will Require More Federal Withholding
True
False
60
Tax Credits are Note
Non-Refundable
Income Generating
Refundable
61
ACRS Is Not
Used for Farms
200%
Used for AMT Purposes
150%
