25 May Question 1. Deductible job-hunting expenses
Question
1. Deductible job-hunting expenses
2. Deduction by an employee of unreimbursed office-in-the-home expenses
3. Mixed use (both business and pleasure) domestic travel.
Match the statements that relate to each other. (Note: Choice L may be used more than once.)
a. Cover charge paid to entertain client at a night club.
b. Deductible even if taxpayer does not take the new job
c. Company picnic sponsored by employer
d. Use of Federal per diem allowance to substantiate meals while in travel status
e. Does not have to be job related
f. Can include cost of car insurance and automobile club dues
g. Distribution from plan is taxable
h. Distribution from plan is not taxable
i. Expatriate (U.S. person who is employed overseas) returns home to retire
j. Taxpayer moves to a new residence 55 miles closer to his present job
k. Country club membership fee
l. Correct match not provided
4. Actual cost method of determining car expense
5. Distance test (for moving expenses) not satisfied
6. Time test (for moving expenses) waived
7. Roth IRAs
8. Keogh (H.R. 10) plans
9. Cutback adjustment applies
10. Cutback adjustment does not apply
11. Deemed substantiation
12. Job hunting expenses
13. Qualified tuition and related expenses (under § 222)
14. Club dues deductible
15. Club dues not deductible
16. Any pretax amount elected by an employee as a plan contribution to a § 401(k) plan that does not exceed the statutory limit is not includible in gross income in the year of deferral and is 100% vested.
a. True
b. False
17. Dana contributes $2,000 too much to a § 401(k) plan which is not returned within 2 1/2 months after the close of the tax year. The employer will have to pay a tax of $200.
a. True
b. False
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