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Quiz #3 Answers

Quiz #3 Answers - 1...

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1. Using the Code Arranged Annotations &  Explanation (USTR) Topic Index, the alternative  motor vehicle tax credit can be found in A.  Section 1016  B.  Section 179A  C.  Section 30B D.  None of the above Response: C Answer: C Points: 1 / 1 Comment: Great job! The index is your friend! 2. Using the Advance Code Arranged Annotations,  one of the most recent developments  concerning business expenses and the trade or  business of individuals concerns: A.  Constitutionality of the income tax B.  Charitable contributions made by a  corporation for a shareholder C.  A tax attorney's deduction of legal expenses  for settling a lawsuit brought against him by a  client D.  Payments must be ordinary and necessary. Response: D Answer: D Points: 1 / 1 Comment: Good job! 3. Find the explanation concerning Trade or  business of individuals. The introductory tax text  explains that individuals generally must be  engaged in a trade or business to qualify for  business deductions. The RIA explanation  elaborates on the subject. According to the RIA  explanation, which of the following is correct:
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