Tax 4001 exam 2 - Study guides, Class notes & Summaries

TAX 4001 Exam 2 Questions with Complete Solutions

TAX 4001 Exam 2 Questions with Complete Solutions

Substantiation requirements for taxpayer to get deductions - taxpayer has burden of proof for proving all expenses adequate records of expenses must be maintained Can deductions FOR AGI be claimed if taxpayer does not itemize? - Yes - itemized deductions are a type of deduction FROM AGI AGI as a function - Income - Exclusions - Deductions for AGI Deductions from AGI (specifically _________ deductions) must _________ the Standard Deduction to provide any tax benefit - itemized exceed ...

FGCU TAX 4001 Exam 2 Quiz bank 100% Accurate Florida Gulf Coast University

FGCU TAX 4001 Exam 2 Revision (Questions and Answers) 100% Accurate Florida Gulf Coast University

What do taxpayers use to calculate tax depreciation? - modified accelerated cost recovery system (MACRS) 4 things that must be knows to compute MACRS - asset's original costs asset's recovery period applicable depreciation method applicable depreciation convention depreciation recovery period for office furniture, fixtures, machinery, and equipment - 7 years depreciation recovery period for cars, light duty trucks, computers, and peripheral equipment - 5 years Who determin...

TAX 4001 Exam 2 with 100% Correct Answers It has been suggested that tax policy favors deductions for AGI compared to itemized deductions. Describe two ways in which deductions for AGI are treated more favorably than itemized deductions. - ANSWER Itemized deductions must exceed the standard deduction before taxpayers receive any tax benefit from the deductions (this is equivalent to an overall floor limit). In contrast, business deductions that are deductible for AGI (above the line) reduce...

TAX 4001 EXAM 2 Questions with Explanations of Answers | latest upate 2024

TAX 4001 Exam 2 Study Guide | Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions

TAX 4001 Exam 2 | Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions