Which itemized deduction is included in the category of unreimbursed expenses that are deductible only to the extent that the aggregate amount of such expenses exceeds 2% of the taxpayer's adjusted gross income?
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1 .Pat, a single taxpayer, has adjusted gross income of USD40,000 in the current year. During the year, a hurricane causes USD4,100 damage to Pat's personal use car on which Pat has no insurance. Pat purchased the car for USD20,000. Immediately before the hurricane, the car's fair market value was USD11,000 and immediately after the hurricane its fair market value was USD6,900. What amount should Pat deduct as a casualty loss for the current year after all threshold limitations are applied?
A USD 4,100 B USD 4,000 C USD 0 D USD 100
2 .In the current year, Joan Frazer's residence was totally destroyed by fire. The property had an adjusted basis and a fair market value of USD130,000 before the fire. During the year, Frazer received insurance reimbursement of USD120,000 for the destruction of her home. Frazer's current year adjusted gross income was USD70,000. Frazer had no casualty gains during the year. What amount of the fire loss was Frazer entitled to claim as an itemized deduction on her current year tax return?
A USD 10,000 B USD 2,900 C USD 8,500 D USD 8,600
3 .Easel Co. has elected to reimburse employees for business expenses under a nonaccountable plan. Easel does not require employees to provide proof of expenses and allows employees to keep any amount not spent. Under the plan, Mel, an Easel employee for a full year, gets USD400 per month for business automobile expenses. At the end of the year Mel informs Easel that the only business expense incurred was for business mileage of 12,000 at a rate of 30 cents per mile, the IRS standard mileage rate at the time. Mel encloses a check for USD1,200 to refund the overpayment to Easel. What amount should be reported in Mel's gross income for the year?
A USD0 B USD1,200 C USD4,800 D USD3,600
4 .Which of the following transportation expenses incurred by an employee is not deductible?
A An employee drives from home to his or her office. B An employee drives from a first job to second. C An employee flies from San Francisco to Miami on business. D An employee drives from his or her office to the office of a client.
5 .Which itemized deduction is included in the category of unreimbursed expenses that are deductible only to the extent that the aggregate amount of such expenses exceeds 2% of the taxpayer's adjusted gross income?
A Subscriptions to professional journals. B Medical expenses. C Moving expenses. D Gambling losses to the extent of winnings.
7 .Which expense, both incurred and paid in the same year, can be claimed as an itemized deduction subject to the two percent-of-adjusted-gross-income floor?
A Employee's unreimbursed moving expense. B Self-employed health insurance. C Employee's unreimbursed business car expense. D One-half of the self-employment tax.
8 .Carter incurred the following expenses in the current year: USD500 for the preparation of a personal income tax return, USD100 for custodial fees on an IRA, USD150 for professional publications, and USD2,000 for union dues. Carter's current year adjusted gross income is USD75,000. Carter, who is not self-employed, itemizes deductions. What will Carter's deduction be for miscellaneous itemized deductions after any limitations in the current year?
A USD 0 B USD 1,250 C USD 2,750 D USD 750
9 .Which of the following is a miscellaneous itemized deduction subject to the 2% of adjusted gross income floor?
A Real estate tax. B Gambling losses up to the amount of gambling winnings. C Employee business expenses. D Medical Expenses.
10 .Which of the following credits can result in a refund even if the individual had no income tax liability?
A Elderly and permanently and totally disabled credit. B Earned income credit. C Credit for prior year minimum tax. D Child and dependent care credit.
