When an employer makes a contribution for an employee

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When an employer makes a contribution for an employee to a qualified pension or profit sharing plan, that contribution and any income it generates are not taxed to the employee until the funds are distributed.b. Education.The various tax credits, deductions, and exclusions that are designed to encouragetaxpayers to obtain additional education can be justified on both social and economic grounds.
c. Home ownership.Providing renters with a Federal income tax benefit for the rent they pay encourages home ownership.
Allowing homeowners to deduct interest on their home mortgages encourages home ownership.
11.
42002Your answer:eBookDiscussion Question 2-8 (LO. 1)Interpret each of the following citations by selecting the correct answer from each dropdown:a. Temp.Reg. § 1.956–2T.Type of regulation1Related code section number956Regulation section number2TemporaryT
b. Rev.Rul. 2012–15, 2012–23 I.R.B. 975.Revenue procedure number15Page975Issue week23c. Ltr.Rul. 200204051.Letter ruling51Issue week4Year200212.Correct answer:volume numberpage numberIRS disagreed with the decisionYour answer:eBookDiscussion Question 2-21 (LO. 2)In the citation Schuster's Express, Inc., 66 T.C. 588 (1976), aff'd562 F.2d 39 (CA–2, 1977), nonacq., complete the sentence below that outlines to what 66, 39, and nonacq.refer.The 66 refers to thevolume number, 39 refers to thepage numberand nonacq. means that theIRS disagreed with the decision.13.Correct answer:No. There is no statute of limitations if a return is not filed.FalseTrueYour answer:eBookDiscussion Question 1-44 (LO. 5, 6)In March 2015, Jim asks you to prepare his Federal income tax returns for tax years 2012, 2013, and 2014. In discussing this matter with him, you discover that he also has not filed for tax year 2011. When you mention this fact, Jim tells you that the statute of limitations precludes the IRS from taking any action as to this year.a. Is Jim correct about the application of the statute of limitations?
b. If Jim refuses to file for 2011, should you prepare returns for 2012 through 2014? Select "True or False", whichever is applicable.Yes, but only after you inform the IRS of the error.False
No, because the error may prevent the current year's tax liability from being determined.

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