Q3VBSolutions - ACCTG321 Spring2010 Quiz#2 VersionB 1....

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ACCTG 321 Spring 2010 Quiz #2 Version B 1. Wagering losses: a. Are fully deductible b. Are deductible to the extent of wagering gains c. Are deductible only if the taxpayer is a professional gambler d. Are never deductible 2. Travel expenses associated with a conference held on a cruise ship: a. Are never deductible b. Are always deductible if directly related to business activity c. Must be on a United States registered ship to be deductible d. Must visit only United States ports to be deductible e. (c) and (d) 3. In order to receive credit for all the correct responses on this quiz I need to: a. Be sure that I use a #2 pencil b. Fill in the little square on the sheet completely (e.g., little circles will not do) c. Completely bubble in my Red ID using the same technique described in (b) above d. All of the above 4. According to the Internal Revenue Code §162, deductible business expenses must be _________________.  a. incurred for the production of investment income
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ACCTG 321 Spring 2010 Quiz #2 Version B b. ordinary and necessary c. minimized d. appropriate and measurable e. personal and justifiable 5. Self employed individuals can take a deduction for medical insurance costs for:
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Q3VBSolutions - ACCTG321 Spring2010 Quiz#2 VersionB 1....

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