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Unformatted text preview: • Question 1 0 out of 7 points The bad debts arising in the ordinary course of business of a cash basis, self- employed taxpayer are not deductible. Answer Selected Answer: Correct Answer: • Question 2 7 out of 7 points The tax rules provide a specific exclusion for rental income received when a vacation home's usage meets the requirements as primarily personal. Answer Selected Answer: Correct Answer: • Question 3 0 out of 7 points A loss of property due to theft is only deductible in the tax year in which the property was stolen. Answer Selected Answer: Correct Answer: • Question 4 7 out of 7 points A taxpayer owns a second home on the shore. Except for two weeks when the shore home is rented, only the taxpayer uses the home. The tax treatment of the rental income and expenses of the shore home would be considered rental/ personal....
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- Spring '11
- theft, Income tax in the United States, incometax