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- 2. RPT exemption covers charitable institutions, churches, and parsonages or convents appurtenant thereto, mosques and non-profit cemeteries and all lands, buildings and improvements actually, directly and exclusively used for charitable, religious and educational purposes. Charitable institution refers to a. Church providing free religious advices b. Entities providing goods and services for free c. Both a and b d. None of the above 3. Income Tax is an example of a. Personal tax b. Business tax c. Property tax d. Excise tax e. Indirect tax f. None of the aboveWhich statement below best describes the entities that can accept donations from the public and provide donors with documentation to allow them to claim a tax deduction in respect of their donation? a. A local state school. b. A private hospital. c. Only entities classified as a deductible gift recipient (DGR) as they meet the necessary requirements to be registered by the ATO. d. Any not for profit organisation.Which of the following expenses is deductible from gross income?* a. Contribution to a newspaper fund for needy families when such newspaper organizes a drive solely for charitable purposes. b. Premiums paid by the self-employer for the life insurance of his employees c. Contribution to the construction of a chapel of a university that declares dividends to its stockholders d. Donation of prizes and awards to athletes in local and international competitions and sanctioned by their respective sport associations.
- Using either the “hobby loss” (hobby vs. “trade or business”) or the “day trader” (vs. investor) issue, explain how to identify taxpayers who properly should be claiming “sole proprietor” status and reporting the results of their activities on Schedule C. Length – around 300 wordsIndicate whether the following income sources must be included or may be excluded from gross income and why? Interest on all savings deposits Child support Interest on Series HH bonds Receipt of alimony by divorced husband - divorce agreement executed in 2018 Income produced from property acquired by gift Gifts and inheritances Scholarship grants for tuition Compensation for injuries or sickness Interest income on bonds issued by State of Ohio Life insurance proceeds from a group planA property owner after payment of taxes received tax abetment due to his commitments to a local regulations, this will be handled by a. Estimated discount on property taxes b. Allowance for uncollectible property taxes c. No need for adjustment d. Allowance for property tax refund
- a. Indicate whether the following income sources must be included or may be excluded from gross income and why? Insurance proceeds for loss of finger Prizes Embezzlement proceeds Interest on all savings deposits Child support Interest on Series HH bonds Receipt of alimony by divorced husband - divorce agreement executed in 2018 Income produced from property acquired by gift Gifts and inheritances Scholarship grants for tuition Compensation for injuries or sickness Interest income on bonds issued by State of Ohio Life insurance proceeds from a group planDeductions (Obj. 3) Use the knowledge you have acquired from Chapters 1 through 6 to identify the following expenditures as (A) deductible for AGI (B) deductible from AGI or (C) not deductible. Ignore any AGI limitations. A Purchase of uniforms for work suitable for street wear B Homeowner’s insurance on the taxpayer’s main home C Union Dues paid by a steelworker D Unreimbursed employee business travel expense E Mortgage interest on rental property F Unreimbursed storm damage to trees in main home’s yard in federally-declared disaster area G Loss on sale of the taxpayer’s personal car not in federally declared disaster area H Repairs to friend’s car for damage caused when taxpayer’s car hit friend’s carAccess the Internet and go to www.irs.gov and select News in the upper right hand corner (on mobile devices, select Menu in the upper right hand corner and select News). Select IRS Guidance(on mobile devices, hit the plus on more News, then scroll down until you see IRS Guidance) and then select IRS Guidance in Plain English.Which of the following is a written statement issued to a taxpayer that interprets and applies tax laws to the taxpayer's specific set of facts? Private letter ruling Revenue ruling Revenue procedure Notice Regulation
- Which of the following correctly completes the sentence regarding the tax treatment of a housing allowance received by an ordained minister? The housing allowance is ______ income for federal income tax purposes and ___________ income for self-employment tax purposes. Included in; included in. Included in; excluded from. Excluded from; included in. Excluded from; excluded from.2. What must the certified volunteer preparer do with Form 13614-C before starting the tax return? a. Make sure all questions on Form 13614-C are answered. b. Change "Unsure" answers to "Yes" or "No" based on a conversation with the taxpayer. c. Determine the certification level required to complete the return. d. All the above.Classify the type of expenditure in the following transactions. Tuition paid by your parents is _______. A new office building is _______. A. consumption expenditure; consumption expenditure B. investment; investment C. government expenditure; investment D. consumption expenditure; investment Thank you!