hich of the following statements is true? O If a taxpayer places a 40% business use automobile in service in 2019, and the taxpayer elects first-year bonus depreciation, then the taxpayer is allowed a deduction for depreciation expense equal to $4,040 O If a taxpayer places a 100% business use automobile in service in 2019, and the taxpayer elects first-year bonus depreciation, then the taxpayer is allowed a deduction for depreciation expense equal to $10,100 O A taxpayer is allowed a deduction for depreciation expense for a predominantly business use car equal to the automobile limit, even if it exceeds the amount of MACRS depreciation expense O A taxpayer is allowed a deduction for depreciation expense for a predominantly business use car equal to the lower of the automobile limit or MACRS depreciation expense

In 2019, Michael has net short-term capital losses of $1,500, a net long-tern capital loss of $27,000, and other ordinary taxable income of $45,000. a. calculate the amount of michael deduction for capital losses on his tax return for 2019. b. Calculate the amount and nature of his capital loss carry forward. Long-tern capital carryforward. Short-term capital loss carryforward.

A taxpayer purchased a light truck for $27,500 in June 2021. He uses the truck 100% business .What is his first year MACRS deduction for the truck if the takes the special depreciation deduction (i.e., bonus depreciation? A. $3,160 B. $5.860 C. $10,200 D. $18,200

True or False 1. The hobby losses is deductible for 2022.   2. The education expenses is deductible if maintain or improves skills of the taxpayer.   3. A taxpayer can deduct $55 per day for meals and incidentals without keeping receipts on a business trip.     4. A taxpayer can take depreciation on a business auto and use the $0.60 mileage rate in the same years.   5. Transportation costs are allowed only when the taxpayer visits various clients in the same days. I want answer within one hour,Thanks

A taxpayer receives $5,000 on their federal return in taxable unemployment income. What is the amount that must be subtracted from the state return to calculate the portion taxable to the State? A. Potentially a $5,000 subtraction. The amounts need to have been taxable on the federal return and administered by California's EDD to be excludable. Unemployment received from other states is still fully taxable in most cases. B. $5,000 subtraction - California does not include amounts received from any unemployment source in State income. C. $0 subtraction - The taxpayer may, however, claim a credit for the job search costs to reduce their taxable exposure to unemployment income. D. $0 subtraction - This is taxable income to the State.

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For investment interest expense in 2022, the deduction by a taxpayer is:   Multiple Choice   Limited to the taxpayer's net investment income for 2022.   Limited to the investment interest expense paid in 2022.   Limited to the taxpayer's gross investment income for 2022.   Not limited.

A calendar-year taxpayer had net Code Sec. 1231 losses of $8,000 in 2018. He had net Code Sec. 1231 gains of $5,250 and $4,600 in 2019 and 2020, respectively. There were no net Code Sec. 1231 losses in 2015, 2016, and 2017. What portion of the net Code Sec. 1231 gain is reported as ordinary income, and what portion is considered long-term capital gain in 2020? $5,250 is reported as ordinary income; no portion is treated as long-term gain. No long-term capital gain is reported and $3,400 is reported as ordinary income. $2,750 is reported as ordinary income and $1,850 is reported as long-term capital gain. $2,150 is reported as long-term capital gain and $2,400 is reported as ordinary income.

In January of 2020, Joseph converted a building from a personal use asset to a business use asset. At the time of the conversion, Joseph's adjusted basis in the building was $75,000 and the building had a fair market value of value of $60,000. In June of 2020, Joseph sold the building to another individual taxpayer for $55,000. What is the amount of taxable income (or tax deduction) that Joseph must include on his 2019 tax return?

If the taxpayer materially participated in an activity for any __5_ of the _10__taxable years that immediately precede the current taxable year, the taxpayer is treated as so participating during the current taxable year as well. Explain this sentence.