Mod 23, 35, 36, 37 Quiz Flashcards Preview

Yaeger REG > Mod 23, 35, 36, 37 Quiz > Flashcards

Flashcards in Mod 23, 35, 36, 37 Quiz Deck (8)
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1
Q

Domestic services

A

Household employees

2
Q

Withholding federal income taxes for household employees is required…2

A

1 Only if requested by employee and

2 agreed by employer

3
Q

Withholding for household employees (domestic services) would be reported on…2

A

1 Schedule H and

2 filed with form 1040

4
Q

When property is repossessed after an installment sale, the taxpayer must…2

A

1 figure the gain or loss on repossession and

2 basis of repossessed property

5
Q

The difference between depreciation computed under MACRS and the alternative depreciation system (ADS) is…

A

An adjustment which is a deferral item

6
Q

Deferral items are…

A

Preferences and adjustments which can be expected to reverse

In future years

7
Q

When a taxpayer pays AMT that is due to deferral items, he or she is…

A

Allowed AMT credit in succeeding years against his or her regular
tax

8
Q

When a home is sold for a loss, what are 4 costs paid that would result in a loss for tax purposes?

A

1 insurance
2 taxes
3 utilities
4 maintenance and repairs

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