1- Business credits are grouped into a single-credit entitled? a. The single bus
ID: 2597291 • Letter: 1
Question
1- Business credits are grouped into a single-credit entitled?
a. The single business credit.
b. The solitary business credit.
c. The general business credit.
d. The current business credit.
2- The adoption expenses credit is designed to:
a. Encourage the taxpaying public to adopt children.
b. Make adoption free.
c. Help elderly citizens find homes.
d. Reduce the cost of living for the general public.
3- There are typically four parts of a general tax transaction. Those parts are:
a. The sale price, the basis, the amount realized, and the amount recognized.
b.The sale price, the basis, the amount recognized, and the amount obtained.
c. The basis, the cost, the amount obtained on resale, and the amount recognized.
d. The sale price, the basis, the amount realized, and the amount obtained on resale.
4- James is self-employed. When calculated the amount he is permitted to deduct for using his care, he can choose between the standard mileage rate at the time of travel or he can deduct the actual expenses.
a. True
b. False
Explanation / Answer
1) The correct option is a). The business credits are grouped into a single crdit entitled the single business credit.
2) The correct option is a). The adoption expenses credit is designed to encourage the tax paying public to adopt children.
3) The correct option is a). The four parts of a general tax transaction are the sale price, the basis, the amount realized and the amount recognized.
4) True, a taxpayer may use either the actual cost method or the standard mileage rate for deducting auto expenses.
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