ACCT 324 Week 4 Midterm Exam, Deductions, Losses, and Passive Activities

ACCT 324 Week 4 Midterm Exam, Deductions, Losses, and Passive Activities


G
Asked by 2 years ago
0 points

1.

Question :

(TCO 9) In terms of probability, which of the following taxpayers would least likely be audited by the IRS?

Student Answer:

Taxpayer owns and operates a check-cashing service.

Taxpayer is a self-employed electrician.

Taxpayer just received a 3 million personal injury award as a result of a lawsuit.

Taxpayer just won a 1 million slot machine jackpot at a Las Vegas casino.

Taxpayer is employed as a special agent by the IRS.

Instructor Explanation:

Employees are subject to income tax withholding and have little opportunity to avoid reporting income (choice E). Casino gambling income is subject to Form 1099 reporting (choice D).Chapter 1

Points Received:

6 of 6

Comments:

2.

Question :

(TCO 9) A characteristic of fraud penalties is:

...

ACCT 324
Guide4Students

1 Answer

G
Answered by 2 years ago
0 points

Oh Snap! This Answer is Locked

ACCT 324 Week 4 Midterm Exam, Deductions, Losses, and Passive Activities

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Excerpt from file: 1. Question: (TCO9)Intermsofprobability,whichofthefollowingtaxpayerswould leastlikelybeauditedbytheIRS? StudentAnswer: Taxpayerownsandoperatesacheckcashingservice. Taxpayerisaselfemployedelectrician. Taxpayerjustreceiveda3millionpersonalinjuryawardasa resultofalawsuit.

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Asked: 2 years ago

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