TEST 3 MC (CHAPTER 9,10,12,13) Chapter 9
Which of the following taxpayers will be allowed a deduction FOR AGI for business travel?
Bud is an employee of XYZ Inc. Bud submits his travel receipts with his expen excess "advances" are repaid. XYZ does not inc
Test 3- TF (CHAP 9,10,12,13) Chapter 9
lated expenses are generally deductible,. For individual taxpayers, the deduction could be deductible as either for or from AGI. Th
ture of the particular expense.
Matt spent $500 for a hospitality room at a business
Key is doing well on the (4) 15 point problems and or essay questions Test 1 Cash flow statement / Cash budget Ratios Test 2 Cash Breakeven / Sustainable Growth Cash Conversion Cycle Test 3 Financial Forecasting (2) efn / Cash Balance
1) List seven financial shenanigans that Howard Schilit presents in his book, Financial Shenanigans. 1. Record revenue too soon or of questionable quality 2. Recording bogus revenue 3. Boosting income with one-time gains future services remain to be provi
Stock award plans The fair value of these awards is equal to the market price of the company's common stock on the date of grant. The compensation associated with a share of restricted stock (or nonvested stock) IS THE MARKET PRICE AT THE GRANT
Taxable income PLUS: Tax preference PLUS: AMT adj related to itemized PLUS: exemptions (MFJ) Alt Min Taxable Income MINUS:MFJ AMT AMT Tax base AMT Tax rate Tentive Tax liability MINUS reqular tax liablity AMT TAX LIABILITY Taxable income PLUS: Tax