Final Exam > Results Page
final exam score:
final exam status:
90%
Question 1
Correct
The deemed depreciation rate that applies if the IRS standard mileage allowance for business travel is used in 2013 is:
14¢ per mile
22¢ per mile
(You Answered) (Correct Answer) 23¢ per mile
10¢ per mile
Question 2
Correct
The FAVR method can be used in 2013 if an employee’s car does not exceed:
$28,000
(You Answered) (Correct Answer) $28,100
$29,300
$29,900
Question 3
Incorrect
What is the maximum amount that an IRS whistleblower can collect under Sec. 7623(b)?
(Correct Answer) 30% of the amount collected
$2 million
$10 million
(You Answered) There is no limit
Question 4
Correct
Which statement about debt resolution fees is correct?
They can be used as an offset to cancellation of debt (COD) income.
They can be deducted up to a set dollar limit.
(You Answered) (Correct Answer) They are fully deductible as miscellaneous itemized expenses.
They yield no tax benefit.
Question 5
Correct
A conservation purpose is preservation of land areas for:
The general public’s outdoor recreation, education, or scenic enjoyment
Historically important land areas or structures
The protection of plant, fish, or wildlife habitats or similar natural ecosystems
(You Answered) (Correct Answer) Any of the above
Question 6
Correct
With respect to the first-time homebuyer credit, if one spouse is a long-term homeowner and the other a first-time homebuyer, what is the maximum credit they could have claimed on their 2009 return?
0
(You Answered) (Correct Answer) $6,500
$7,500
$8,000
Question 7
Correct
What has the Tax Court concluded with respect to “investment in the contract” for purposes of tax on participants when an ESOP terminates?
It has failed to decide the matter.
It has said it has the same definition as the one used for annuity purposes.
(You Answered) (Correct Answer) It has said there is a distinct definition for this purpose.
It has allowed the taxpayer to use any definition that is reasonable.
Question 8
Correct
The IRS interest rate in the first quarter of 2013 on noncorporate underpayments is:
0.5%
2%
(You Answered) (Correct Answer) 3%
5%
Question 9
Correct
What is an “applicable financial statement” under current proposed regulations on repairs?
Tax return
Balance sheet
(You Answered) (Correct Answer) Certified audited financial statement
P&L statement
Question 10
Correct
Under the de minimis rule, if a special election is made, material and supplies are deducted in:
The year in which they are consumed
(You Answered) (Correct Answer) The year in which they are paid or incurred
The year in which final regulations become effective
Any year at the taxpayer’s election