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Fall 2011 Sim III - IRC 166 Guide Go to...

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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? IRC § 164(f) or IRC § 1402 (Ko ch c là cái nào) 2. What Code Section allows the IRS to assess a 20% negligence penalty on underpayment of taxes? IRC § 6662 Imposition of accuracy-related penalty on underpayments. (a) Imposition of penalty 3. What Code Section allows a taxpayer to take child and dependant care credit? IRC § 21 Expenses for household and dependent care services necessary for gainful employment. (b) Definitions of qualifying individual and employment-related expenses. (1) Qualifying individual 4. What Code Section disallows deductions for losses that result from the sale or exchange of property between related parties? IRC § 267(a) 5. What Code Section distinguishes business bad debts from non-business bad debts?
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Unformatted text preview: IRC § 166 Guide: Go to library (Rattler.tamucc.edu) --> Find > Database > C > Checkpoint (username: vhoang; pass: Test1234) > Search > Find by Citation --> More --> Internal Revenue Code --> Natural Language 1. http://taxes.about.com/od/deductionscredits/p/half_SE_tax.htm _ Section 164(f) or 1402 2. http://www.taxlawsb.com/resources/estates/wash.htm _ IRC Section 6662 3. http://en.wikipedia.org/wiki/Child_and_Dependent_Care_Credit _ Code 26 U.S.C. § 21, section 21 4. http://www.taxresourcegroup.com/library/memo/1016.html _ Section 267(a) 5. https://www.google.com/search?sclient=psy-ab&hl=en&biw=1920&bih=948&noj=1&source=hp&q=distinguishes+business+bad +debts+from+non-business+bad+debts&oq=distinguishes+business+bad+debts+from+non-business+bad+debts&aq=f&aqi=&aql=&gs_sm=se&gs_upl=52626l52626l0l52973l1l 1l0l0l0l0l253l253l2-1l1l0 _ Section 166...
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