Questions from General Taxation

Q: What are the differences between a defined-benefit pension plan and

What are the differences between a defined-benefit pension plan and a defined-contribution pension plan?

Q: What are the differences between a contributory and a noncontributory pension plan

What are the differences between a contributory and a noncontributory pension plan?

Q: What are the similarities and differences between a pension plan and a

What are the similarities and differences between a pension plan and a profit-sharing plan?

Q: Pension plans are subject to certain vesting requirements. What does the

Pension plans are subject to certain vesting requirements. What does the word vesting mean? Describe the vesting rules for pension plans.

Q: Discuss the concept of electing §179 expense. Does the election

Discuss the concept of electing §179 expense. Does the election allow a larger expense deduction in the year of asset acquisition?

Q: Pension plans have an accumulation period and a distribution period. Explain

Pension plans have an accumulation period and a distribution period. Explain what those terms mean.

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 SIMPLE plan.

Q: When can a taxpayer use the standard mileage rate? Is the

When can a taxpayer use the standard mileage rate? Is the standard mileage rate better than the actual auto costs?

Q: What is considered personal use of a vacation rental property?

What is considered personal use of a vacation rental property?

Q: Discuss the limits on meals and entertainment. Are meals and entertainment

Discuss the limits on meals and entertainment. Are meals and entertainment expenses always limited to 50%?