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2024 ENROLLED AGENT PART 1 / LATEST ENROLLED AGENT PART 1 LATEST UPDATED VERSION 2024 ACTUAL TEST QUESTIONS AND WELL ELABORATED ANSWERS (100% CORRECT VERIFIED ANSWERS) |GUARANTEED PASS. (BRAND NEW!!)$18.49
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2024 ENROLLED AGENT PART 1 / LATEST ENROLLED AGENT PART 1 LATEST UPDATED VERSION 2024 ACTUAL TEST QUESTIONS AND WELL ELABORATED ANSWERS (100% CORRECT VERIFIED ANSWERS) |GUARANTEED PASS. (BRAND NEW!!)
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2024 ENROLLED AGENT PART 1
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2024 ENROLLED AGENT PART 1
2024 ENROLLED AGENT PART 1 / LATEST ENROLLED AGENT PART 1 LATEST UPDATED VERSION 2024 ACTUAL TEST QUESTIONS AND WELL ELABORATED ANSWERS (100% CORRECT VERIFIED ANSWERS) |GUARANTEED PASS. (BRAND NEW!!)
2024 ENROLLED AGENT PART 1 / LATEST ENROLLED
AGENT PART 1 LATEST UPDATED VERSION 2024
ACTUAL TEST QUESTIONS AND WELL ELABORATED
ANSWERS (100% CORRECT VERIFIED ANSWERS)
|GUARANTEED PASS. (BRAND NEW!!)
What is excluded from gross income in the case of insurance proceeds?
- Answer-Disability pay (excluded)
Accident insurance proceeds. sub for lost income (excluded)
Damages for emotional distress (included if no physical injury)
Punitive damages (included)
Rationale: Gross income does not include benefits specified that might
be received in the form of disability pay, health or accident insurance
proceeds (even if benefits are a substitute for lost income), workers'
compensation awards, or other damages for personal physical injury or
physical sickness. Also excluded are damages received for emotional
distress if an injury has its origin in a physical injury or physical sickness
(regardless of whether the damages are received by a lawsuit or an
agreement). Punitive damages received are included in gross income
even if in connection with a physical injury or sickness
Is unemployment compensation included in gross income? - Answer-
Yes
,Is disability pay included in gross income? - Answer-No
Are punitive damages included in gross income? - Answer-Yes (unless
you received a physical injury in connection with the punitive damages)
Are benefits from a health and accident plan included in gross income if
paid by employer? - Answer-No (if you received a physical injury in
connection with the benefits)
is compensation for lost wages included in gross income? - Answer-No,
as long as the income was given because of physical injury or illness
is compensation due to punitive damages included in gross income? -
Answer-No, as long as the income was given because of physical injury
or illness
In December 2018, Jim and Tina, a married couple with $50,000 in gross
income, cashed qualified Series EE U.S. Savings Bonds, which they had
purchased in January 2015. The proceeds were used to help pay for
their son's 2018 college tuition. They received gross proceeds of
$3,500, representing principal of $3,000 and interest of $500. The
qualified higher educational expenses they paid during 2018 totaled
$2,100. Their modified adjusted gross income for 2018 was $80,000.
How much of the $500 interest can Jim and Tina exclude from income
for 2018? - Answer-$300. Interest is excluded as long as the gross
amount received (principal and interest) do not exceed qualified
educational expenses. If they do exceed that amount, the amount
,excluded is limited to the percentage. 2100/3500 = .6 *500 = 300. The
exclusion is reduced when AGI exceeds a threshold of $79,550 (single)
or $119,300 (MFJ). completely phased out at $94,550 and $149,300
What factors determine tax home? - Answer-1. The taxpayer performs
his or her business in the area surrounding his/her main home and uses
that for lodging while in the area.
2. The taxpayer has living expenses at his or her main home that are
duplicated because business requires him/her to be away from the
main home.
3. The taxpayer has not abandoned the area in which both his/her
traditional place of lodging and man home; family members live at
his/her main home. She often uses this main home for lodging.
Under what circumstance is a day NOT considered a day of personal
use of a dwelling unit for determining if it is used as a home? - Answer-
If the taxpayer rents the home at fair rental value to any person
(including relatives), such use by that person is not considered personal
use of the home
When are meals deductible? - Answer-50% of meals are deductible if
eaten while away from home on business or with a client or business
associate.
Are entertainment expenses deductible? - Answer-No
, What is included in deductible travel expenses? - Answer-Meals,
lodging, and expenses incident to travel (reasonable laundry, etc.)
Nondeductible travel expenses - Answer-Parking at the office.
Commuting.
Are event tickets deductible as business gift expense? - Answer-Yes if
the amount per individual donee per year is limited to $25. Also,
adequate records must be maintained.
If your bank goes bankrupt, how can the taxpayer deduct the amount? -
Answer-As a short term capital loss or ordinary loss (if not a 1% or more
owner in the bank)
Dual status alien - Answer-An alien who is both a nonresident and
resident alien during the same tax year. The most common dual-status
tax years are the years of arrival and departure.
Resident Alien - Answer-If either the green card test or the substantial
presence test is met. Even if the taxpayer does not meet either of these
tests, (s)he may be able to choose to be treated as a U.S. resident for
part of the year.
Green Card Test - Answer-A taxpayer is a resident for tax purposes if
(s)he was a lawful permanent resident (immigrant) of the United States
at any time during the year
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