25 May Question 1. A taxpayer may notdeduct the cost of new curbing (relative to a persona
Question
1. A taxpayer may notdeduct the cost of new curbing (relative to a personal residence), even if the construction is required by the city and the curbing provides an incidental benefit to the public welfare.
a. True
b. False
.
2. Sergio was required by the city to pay $2,000 for the cost of new curbing installed by the city in front of his personal residence. The new curbing was installed throughout Sergio’s neighborhood as part of a street upgrade project. Sergio may notdeduct $2,000 as a tax, but he may add the $2,000 to the basis of his property.
a. True
b. False
3. Trent sells his personal residence to Chester on July 1, 2014. He had paid $7,000 in real property taxes on March 1, 2014, the due date for property taxes for 2014. Trent may not deduct the portion of the taxes he paid for the period the property was owned by Chester.
a. True
b. False
4. Herbert is the sole proprietor of a furniture store. He can deduct real property taxes on his store building as a business deduction but he cannot deduct state income taxes related to his net income from the furniture store as a business deduction.
a. True
b. False
5. Grace’s sole source of income is from a restaurant that she owns and operates as a proprietorship. Any state income tax Grace pays on the business net income must be deducted as a business expense rather than as an itemized deduction.
a. True
b. False
6. In April 2014, Bertie, a calendar year cash basis taxpayer, had to pay the state of Michigan additional income tax for 2013. Even though it relates to 2013, for Federal income tax purposes the payment qualifies as a tax deduction for tax year 2014.
a. True
b. False
7. In January 2015, Pam, a calendar year cash basis taxpayer, made an estimated state income tax pa
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