Jason Inc. maintains a qualified profit-sharing plan for its employees. This year, Jason contributed $2,300 to Ms. Preston's profit-sharing account. Which of the following statements is true?
A. Jason can't deduct the contribution, and Ms. Preston does not include the contribution in gross income.
B. Jason can deduct the contribution, but Ms. Preston does not include the contribution in gross income.
C. Jason can't deduct the contribution, but Ms. Preston must include the contribution in gross income.
D. Jason can deduct the contribution, and Ms. Preston must include the contribution in gross income.
Answer: B
You might also like to view...
Private letter rulings and technical advice memoranda are primary authority for those taxpayers to whom they were issued.
Answer the following statement true (T) or false (F)
What did a recent Edelman study on employee engagement and company performance indicate?
A) Companies with moderately engaged employees outperformed competitors. B) Companies with low-engaged employees faced internal sabotage. C) CEOs who could not engage their employees were fired. D) Companies with highly engaged employees outperformed the total stock market.
The decibel, which is the unit measure of sound, is the smallest change in sound that can be detected by the human ear
Indicate whether the statement is true or false.
Which of the following statements is true about nonverbal messages?
A. People from different cultures have similar nonverbal vocabularies. B. The meanings of nonverbal cues are consistent among different groups of people born in a country. C. When a person is sending both verbal and nonverbal messages, the nonverbal message has little or no influence on the receiver. D. One way in which people can communicate nonverbally is through their choice of attire.