Posted: April 1st, 2024

GWU ACCY 3401 The election to itemize is appropriate when total itemized deductions

1. The election to itemize is appropriate when total itemized deductions are less than the standard deduction based on thetaxpayer’s filing status.2. Jake performs services for Maude. If Maude provides the helper and tools, this is indicative of independent contractorstatus.3. In a nontaxable exchange, the replacement property is assigned a carryover basis if there is a realized greceives a new basis if there is a realized loss.4. Charitable contributions that exceed the percentage limitations for the current year can be carried overto three years.5. If a taxpayer does not own a home but rents an apartment, the office in the home deduction is not available.6. N_o_n_r_e_f_u_n_d_a_b_l_e_ _c_r_e_d_i_t_s_ _a_r_e_ _t_h_o_s_e_ _t_h_a_t_ _r_e_d_u_c_e_ _t_h_e__t_a_x_p_a_y_e_r_’s_ _t_a_x_ _l_i_a_b_i_l_i_t_y_ _b_u_t_ _a_r_e_ _n_o_t_ _p_a_i_d_ _w_h_e_n_ _t_h_e__a_m_o_u_n_t_ _o_f_ _t_h_e_ _c_r_e_d_i_t_ _(_o_r_ _c_r_e_d_i_t_s_)_ _e_x_c_e_e_d_s_ _t_h_e__t_a_x_p_a_y_e_r_’s_ _t_a_x_ _l_i_a_b_i_l_i_t_y_._ _7. Lloyd, a practicing CPA, pays tuition to attend law school. Since a law degree involves education leading to a netrade or business, the tuition is not deductible.8. Involuntary conversion gains may be deferred if the proceeds of the involuntary conversion are reinvested.9. In January 2016, Pam, a calendar year cash basis taxpayer, made an estimated state income tax payment for 2015. Thepayment is deductible in 2015.10. In 2016, Rhonda received an insurance reimbursement for medical expenses incurred in 2015. She is not requirinclude the reimbursement in gross income in 2016 if she claimed the standard deduction in 2015.11. Certain high-income individuals are subject to three additional Medicare taxes—on wages, unearned iand tax credits claimed.12. By itself, credit card receipts will not constitute adequate substantiation for travel expenses.

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