The expenses associated with the rental of a residence used for both personal and rental purposes are subject to three possible tax treatments. Which of the following is not included as one of the three?
a. If a residence is rented for fewer than 15 days during the year the rental period is disregarded and the residence is regarded as a personal residence for tax purposes.
b. If the residence is rented for 15 days or more and is used for personal purposes for not more than 14 days or 10 percent of the days rented, whichever is greater, the residence is treated as rental property.
c. If the residence is rented for 15 days or more and is used for personal purposes for not more than 14 days or 10 percent of the days rented, whichever is greater, the residence is treated as a personal residence for tax purposes.
d. If the residence is rented for 15 days or more and is used for personal purposes for more than 14 days or 10 percent of the days rented, whichever is greater, allocable rental expenses are allowed only to the extent of rental income.
c
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Answer the following statements true (T) or false (F)
The value of a company can be increased when the firm voluntarily reports private information about itself if the information reduces uncertainty about the firm’s future prospects.
Frank Carpenter, who runs a charity organization, has been faking his father's signature on his father's personal checks and writing them in favor of the charity as donations. He gets hold of the checks from his father's personal assistant, Rhonda Mason, who is also Frank's friend and the charity's trustee. After faking the signature, Frank gives the checks to Rhonda to deposit in the bank. But unbeknownst to Frank, Rhonda routes some of the check money into her own savings account. Frank's father, Dawson, realizes that money is being withdrawn from his account without his consent. He suspects his estranged son, Frank, and in order to find out if Frank is involved, Dawson secretly offers money to the financial accountant of the charity to divulge the charity organization's financial
dealings. The accountant accepts the money and gives access to the account books. After scrutinizing the financial records, Dawson realizes that Frank has been swindling him of his money, and the charity itself was being swindled by somebody from within. With this information, Dawson proceeds to file a suit against his son. In the above scenario, what illegal activity did the financial accountant of the charity partake in? A. larceny B. bribery C. extortion D. embezzlement
Venture capitalists tend to insist on which form of incorporation for a venture because it offers multiple classes of stock?
a. LLC b. S Corporation c. C Corporation d. None of the above
Which of the following is included within the term "property" for purposes of procedural due process?
a. Real property. b. Social security payments. c. Food stamps. d. All of these.