final exam score:
90%
final exam status:
PASSED
Final Exam > Question 1
The first-year dollar limit on depreciation for light trucks and vans placed in service in 2014 is (assume 100% business use):
$1,975
$3,350
$3,460
$5,500
Final Exam > Question 2
Which statement about inclusion amounts is correct?
There is one table for passenger vehicles and another for light trucks and vans.
The inclusion amounts for 2014 are slightly higher than they were for vehicles first leased in 2013.
Inclusion amounts for vehicles first leased before 2014 can be found in IRS Publication 463.
All of the above
Final Exam > Question 3
Which one of the following statements best reflects the Tax Court position regarding IRA rollovers?
Only one can be made from each IRA within a 12-month period.
Only one can be made by a taxpayer within a calendar year.
Only one can be made by a taxpayer within a 12-month period.
Only direct transfers from the trustee of one account to another are permissible.
Final Exam > Question 4
Which one of the following statements about business deductions is correct?
Expenses of a sideline business are deductible if substantiated.
The repayment of tuition by a doctor who failed to complete the work required under a tuition agreement is deductible.
A log for car mileage can be assembled after receiving a notice of deficiency from the IRS.
A credit card statement showing the cost of a business meal is sufficient substantiation.
Final Exam > Question 5
All of the following statements about real estate professional status are correct except:
The status is determined by meeting two tests.
The status as a real estate professional by one spouse is attributed to another spouse even if he/she files separately.
Unless the taxpayer timely elects otherwise, requirement of material participation is applied separately to each rental real estate interest.
Contemporaneous daily time reports, logs, or similar documents are not required if the extent of such participation may be established by other reasonable means.
Which one of the following statements best reflects the Tax Court position regarding IRA rollovers?
Only one can be made from each IRA within a 12-month period.
Only one can be made by a taxpayer within a calendar year.
Only one can be made by a taxpayer within a 12-month period.
Only direct transfers from the trustee of one account to another are permissible.
Final Exam > Question 4
Which one of the following statements about business deductions is correct?
Expenses of a sideline business are deductible if substantiated.
The repayment of tuition by a doctor who failed to complete the work required under a tuition agreement is deductible.
A log for car mileage can be assembled after receiving a notice of deficiency from the IRS.
A credit card statement showing the cost of a business meal is sufficient substantiation.
Final Exam > Question 5
All of the following statements about real estate professional status are correct except:
The status is determined by meeting two tests.
The status as a real estate professional by one spouse is attributed to another spouse even if he/she files separately.
Unless the taxpayer timely elects otherwise, requirement of material participation is applied separately to each rental real estate interest.
Contemporaneous daily time reports, logs, or similar documents are not required if the extent of such participation may be established by other reasonable means.
Final Exam > Question 6
What action has the IRS taken to combat identity theft?
Listed it as the top scam on the 2014 Dirty Dozen Tax Scams
Started a pilot program allowing taxpayers to use a special PIN
Conducted a massive national sweep targeting identity thieves
All of the above
Final Exam > Question 7
What is the IRS interest rate for the second quarter of 2014 on corporate overpayments of $10,000 or less?
0.5%
2%
3%
5%
Final Exam > Question 8
Which one of the following statements regarding changes of accounting method following final “repair” regulations is not correct?
The IRS has provided automatic changes that do not require IRS consent.
No Sec. 481 adjustment is required to make any change.
Guidance on changes in accounting method is in Rev. Procs. 2014-16 and 2014-17.
The IRS has specified the designated automatic accounting method change numbers (DCNs) to be used when making a change for the “repair” regulations.
Final Exam > Question 9
Which of the following DCNs is correct?
200 for changes in the depreciation of leasehold improvements
184 for owners who previously deducted expenses that should have been capitalized
189 for a change to the optional method for rotable and temporary spare parts
All of the above
What action has the IRS taken to combat identity theft?
Listed it as the top scam on the 2014 Dirty Dozen Tax Scams
Started a pilot program allowing taxpayers to use a special PIN
Conducted a massive national sweep targeting identity thieves
All of the above
Final Exam > Question 7
What is the IRS interest rate for the second quarter of 2014 on corporate overpayments of $10,000 or less?
0.5%
2%
3%
5%
Final Exam > Question 8
Which one of the following statements regarding changes of accounting method following final “repair” regulations is not correct?
The IRS has provided automatic changes that do not require IRS consent.
No Sec. 481 adjustment is required to make any change.
Guidance on changes in accounting method is in Rev. Procs. 2014-16 and 2014-17.
The IRS has specified the designated automatic accounting method change numbers (DCNs) to be used when making a change for the “repair” regulations.
Final Exam > Question 9
Which of the following DCNs is correct?
200 for changes in the depreciation of leasehold improvements
184 for owners who previously deducted expenses that should have been capitalized
189 for a change to the optional method for rotable and temporary spare parts
All of the above
Final Exam > Question 10
Which one of the following statements regarding changes of accounting method following final “repair” regulations is not correct?
The Sec. 481 adjustment must be reported separately for each change.
(Incorrect) No negative Sec. 481 adjustment is required (only a positive Sec. 481 adjustment).
Small businesses cannot use a streamlined procedure.Form 3115 is used for making a change in accounting method.
Which one of the following statements regarding changes of accounting method following final “repair” regulations is not correct?
The Sec. 481 adjustment must be reported separately for each change.
(Incorrect) No negative Sec. 481 adjustment is required (only a positive Sec. 481 adjustment).
Small businesses cannot use a streamlined procedure.Form 3115 is used for making a change in accounting method.