Quiz 4 - Quiz 4 (Deductions) Points Possible Points Earned...

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      Quiz 4 (Deductions)    Points Possible  14  Points Earned  12  Points Missed  2  Points Ungraded  0  Score  85.7% 1. (T/F)  If an expense results in a permanent betterment or improvement or has a  useful life extending substantially beyond the close the close of the tax year, it  generally must be capitalized. Response: TRUE Answer: TRUE  Points: 1 / 1 Comment: I.R.C. § 263 2. (T/F)  An expense paid by check generally is not paid for federal tax purposes until  the date the recipient negotiates the check. Response: TRUE Answer: FALSE  Points: 0 / 1 Comment: Rev. Rul. 80-335 3. (T/F)  I.R.C. § 461(g) prohibits the deduction of prepaid interest except for a  taxpayer who pays qualifying points for the purchase of his or her main home. Response: TRUE Answer: TRUE  Points: 1 / 1 4. (T/F)  Three tests must be met before a deduction can be accrued: all events have  occurred to fix the liability; the amount is determinable with reasonable accuracy, 
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Quiz 4 - Quiz 4 (Deductions) Points Possible Points Earned...

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