Fall 2011 Sim III - Tax I Fall 2011 Test III Simulation...

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Unformatted text preview: Tax I Fall 2011 Test III Simulation Required (6 points each): 1. What Code Section allows a tax payer to deduct ½ self employment tax as a deduction for AGI? 164(f) (f) Deduction for one-half of self-employment taxes. Caution: Code Sec. 164(f)(1), following, is effective with respect to remuneration received, and tax. yrs. beginning, before 1/1/2013. For Code Sec. 164(f)(1), effective with respect to remuneration received, and tax. yrs. beginning, after 12/31/2012, see below. (1) In general. In the case of an individual, in addition to the taxes described in subsection (a) , there shall be allowed as a deduction for the taxable year an amount equal to one-half of the taxes imposed by section 1401 for such taxable year. Caution: Code Sec. 164(f)(1), following, is effective with respect to remuneration received, and tax. yrs. beginning, after 12/31/2012. For Code Sec. 164(f)(1), effective with respect to remuneration received, and tax. yrs. beginning, before 1/1/2013, see above....
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Fall 2011 Sim III - Tax I Fall 2011 Test III Simulation...

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