in Augustus 2016 Richard purchased and placed in service an office building $753

Question

in Augustus 2016 Richard purchased and placed in service an office building $753000 including 134000 the amount of depreciation Richard may claim in 2016 Question 37 of 75 A Tax Professional must advise the taxpayer promptly after learning that the taxpayer has omitted items on their previously filed income tax return and O Inform them of the consequences if they do not amend the prior-year return O Make an adjustment elsewhere on the return. Refer the taxpayer to a supervisor. O Refuse to prepare the return until their prior-year return is audited Mark for follow up Question 38 of 75. When a taxpayer receives more Earned Income Tax Credit (EITC) after adding a Schedule C to their roturn than they would have received without it, the Tax Professional must- Apply sound judgment to the information provided and document the questions asked and the taxpayers responses. Document the different amounts of Earned Income Tax Credit (EITC) calculated on the return with or without the Schedule C included O Not include expenses on the Schedule C O omit Schedule C from the return. Mark for follow up

Explanation / Answer

Richard should record the asset value in the books of accounts as $ 619000 ( i.e cost of the asset minus depreciation till date = $ 753000-$134000

(37) answer :

Inform them of the consequences if they do not amend the prior year return(ETIC) Caluculated on the return with or without the Schedule C included

(38) answer :

Document the different amounts of Earned Income Tax Credit

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