25 May Question 1. An education expense deduction may be allowed even if the education results in a promotion or pay raise for the employee.
Question
1. An education expense deduction may be allowed even if the education results in a promotion or pay raise for the employee.
a. True
b. False
2. Lloyd, a practicing CPA, pays tuition to attend law school. Since a law degree involves education leading to a new trade or business, the tuition is not deductible.
a. True
b. False
3. Under the right circumstances, a taxpayer’s meals and lodging expense can qualify as a deductible education expense.
a. True
b. False
4. There is no cutback adjustment for meals and entertainment as to employees who are subject to regulation by the U.S. Department of Transportation.
a. True
b. False
5. Mallard Corporation pays for a trip to Aruba for its two top salespersons. This expense issubject to the cutback adjustment.
a. True
b. False
6. Flamingo Corporation furnishes meals at cost to its employees by means of a cafeteria it maintains. The cost of operating the cafeteria is notsubject to the cutback adjustment.
a. True
b. False
7. A taxpayer takes six clients to an NBA playoff game. If all of the tickets (list price of $120 each) are purchased on the Internet for $1,800 ($300 each), only $60 ($120 × 50% cutback adjustment) per ticket is deductible.
a. True
b. False
8. Ethan, a bachelor with no immediate family, uses the Pine Shadows Country Club exclusively for his business entertaining. All of Ethan’s annual dues for his club membership are deductible.
a. True
b. False
9. Jackson gives his supervisor and her husband each a $30 box of chocolates at Christmas. Jackson may claim only $25 as a deduction.
a. True
b. False
10.On their birthdays, Lily sends gift certificates (each valued at $25) to Caden (a key client) and to each of Caden’s two minor children. Lily can deduct only $25 as to these gifts.
a. True
b. False
11.Tickets to a theater performance or sporting event can be treated as eitherbusiness entertainment or a business gift if the taxpayer does notaccompany the client to the event.
a. True
b. False
12.In the case of an office in the home deduction, the exclusive business use test does not apply when the home is used as a daycare center.
a. True
b. False
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