CHAPTER 7 true and false practice

CHAPTER 7 true and false practice - CHAPTER 7 DEDUCTIONS...

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CHAPTER 7 DEDUCTIONS AND LOSSES: CERTAIN BUSINESS EXPENSES AND LOSSES Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus, users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Learning Objective, Level of Difficulty, Estimated Time to Completion, and the AACSB’s and AICPA’s Core Competencie s for each test item are located within the item itself. Status: Q/P Question/ Present in Prior Problem Topic Edition Edition TRUE OR FALSE 1 Bad debt: loss amount Unchanged 1 2 Bad debts Unchanged 2 3 Bad debts: tax benefit rule New 4 Reserve method Unchanged 4 5 Bad debt: collection Unchanged 5 6 Proof of worthlessness New 7 Nonbusiness bad debt Unchanged 7 8 Nonbusiness bad debt versus business bad debt Unchanged 8 9 Nonbusiness bad debt: corporation Unchanged 9 10 Business bad debt: classification Unchanged 10 11 Nonbusiness bad debt Unchanged 11 12 Bona fide debt Unchanged 12 13 Worthless security versus business loan Unchanged 13 14 Worthless securities Unchanged 14 15 Worthless securities Unchanged 15 16 Definition of § 1244 small business stock New 17 Loss on § 1244 small business stock Unchanged 17 18 Gain and loss on § 1244 small business stock Unchanged 18 19 Rental loss Unchanged 19 20 Casualty loss: defined Unchanged 20 21 Casualty loss: taxpayer Unchanged 21 22 Casualty loss: defined Unchanged 22 23 Theft loss: amount New 24 Theft loss: time of deduction Unchanged 24 25 Casualty loss: reimbursement Unchanged 25 26 Casualty loss: amount of deduction New 27 Casualty loss: amount of deduction Unchanged 27 28 Casualty loss: disaster area New 29 Casualty loss: amount of deduction Unchanged 29
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Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 30 Casualty loss: personal use property Modified 30 31 Casualty loss: no insurance claim filed Unchanged 31 32 Casualty loss: classification Unchanged 32 33 Casualty loss: 10% adjusted gross income floor Unchanged 33 34 Theft loss: classification Unchanged 34 35 Research and experimental expenditures New 36 Research and experimental expenditures Unchanged 36 37 Research and experimental expenditures Unchanged 37 38 Domestic production activities deduction: New calculation 39 Domestic production activities deduction: Unchanged 39 carryover 40 Domestic production activities deduction: W-2 Unchanged 40 wage limit 41 Net operating loss: defined Unchanged 41 42 Net operating loss: carryback period Unchanged 42 43 Net operating loss: farming Unchanged 43 44 Net operating loss: farming Unchanged 44 45 Net operating loss: nonbusiness income Unchanged 45 46 Net operating loss: theft of securities New 47 Net operating loss: computation Unchanged 47 48 Net operating loss: computation Unchanged 48 49 Net operating loss: computation Unchanged 49 50 Net operating loss: classification Unchanged 50
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TRUE/FALSE 1. James is in the business of debt collection. He purchased a $20,000 account receivable from Green
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This note was uploaded on 12/22/2010 for the course BUSACC 1242 taught by Professor Staff during the Spring '10 term at Pittsburgh.

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CHAPTER 7 true and false practice - CHAPTER 7 DEDUCTIONS...

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