Questions from General Taxation


Q: Discuss the difference between personal property and real property. Give examples

Discuss the difference between personal property and real property. Give examples of each.

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Q: What is a depreciation convention? What conventions are available under MACRS

What is a depreciation convention? What conventions are available under MACRS?

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Q: When calculating depreciation for personal property (assuming the half-year

When calculating depreciation for personal property (assuming the half-year convention) using the IRS depreciation tables, does the taxpayer need to multiply the first year table depreciation percenta...

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Q: Briefly discuss the conditions necessary for a taxpayer to be permitted to

Briefly discuss the conditions necessary for a taxpayer to be permitted to make tax-deductible contributions to a Keogh plan.

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Q: Discuss the concept of listed property.

Discuss the concept of listed property.

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Q: Distinguish between travel and transportation expenses.

Distinguish between travel and transportation expenses.

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Q: What is the maximum annual contribution that can be made to a

What is the maximum annual contribution that can be made to a Keogh plan, and how is the maximum calculated?

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Q: Briefly discuss the conditions necessary for a taxpayer to be permitted to

Briefly discuss the conditions necessary for a taxpayer to be permitted to make tax-deductible contributions to a simplified employee pension (SEP).

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Q: What is the maximum annual contribution that can be made to an

What is the maximum annual contribution that can be made to an SEP, and how is the maximum calculated?

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Q: What are the two components of the self-employment tax?

What are the two components of the self-employment tax? Is either component limited?

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