Tax 4001 exam - Study guides, Class notes & Summaries

TAX 4001 EXAM 1 QUESTIONS WITH 100% CORRECT ANSWERS!!

FGCU TAX 4001 Exam 1 Law Study Guide (Question and Answers) Florida Gulf Coast University

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What do taxpayers use to calculate tax depreciation? - modified accelerated cost recovery system (MACRS) 4 things that must be knows to compute MACRS - asset's original costs asset's recovery period applicable depreciation method applicable depreciation convention depreciation recovery period for office furniture, fixtures, machinery, and equipment - 7 years depreciation recovery period for cars, light duty trucks, computers, and peripheral equipment - 5 years Who determin...

TAX 4001 Exam 1 Questions with Complete Solutions

TAX 4001 Exam 2 with 100% Correct Answers It has been suggested that tax policy favors deductions for AGI compared to itemized deductions. Describe two ways in which deductions for AGI are treated more favorably than itemized deductions. - ANSWER Itemized deductions must exceed the standard deduction before taxpayers receive any tax benefit from the deductions (this is equivalent to an overall floor limit). In contrast, business deductions that are deductible for AGI (above the line) reduce...

TAX 4001 Exam 1 Questions with Complete Solutions

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