Quiz #5 Answers

Quiz #5 Answers - 1. TheIRSwebsiteurlis:http:/www.irs.gov/.

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1. The IRS website url is: http://www.irs.gov/ .  Using the website, is there an IRS Publication  463? If so, what is its title? A.  Yes; Travel, Entertainment, Gift and Car  Expenses B.  Yes, Moving Expense C.  Yes; Your Federal Income Tax D.  None of the above. Response: A Answer: A Points: 1 / 1 2. Section 162 provides the general rule that  expenses incurred in a trade or business are  deductible. Reg. §1.162-2 elaborates on the  deductibility of A.  Expenses of farmers. B.  Excessive compensation. C.  Travel expenses. D.  Illegal bribes and kickbacks. Response: C Answer: C Points: 1 / 1 3. A taxpayer who operates his own accounting  practice wants to know whether she may deduct  the cost of attending a course on a new tax law.  Under Reg. § 1.162-5(a), assuming all other  requirements are met, education expenses are  deductible if they A.  Meet the express requirements of the 
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Quiz #5 Answers - 1. TheIRSwebsiteurlis:http:/www.irs.gov/.

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