AFSP EXAM | 125 QUESTIONS | WITH
COMPLETE SOLUTIONS!!
1 of 125
Definition
the federal limits, substituting Fed AGI with MT AGI
Give this one a try later!
a taxpayer can elect to terminate An intangible asset is depreciable
GAA treatment for a (but not under MACRS) if
, MT Charitable contributions
limits are 401(k) payin cap for 2019 is
Don't know?
2 of 125
Term
Do only real estate professionals need to issue 1099-misc for rental
activity income?
Give this one a try later!
Only those with rental income
above $10,000 need to issue 1099- All landlords must issue 1099-
misc. misc regardless of profession.
There is debate, some tax Only commercial property owners
pros say only they need to. need to issue 1099-misc.
Don't know?
3 of 125
Term
How to fix when you fail to claim depreciaiton-
Give this one a try later!
, (1) a mathematical or posting
error, or -structural component of a building
unless the disposition qualifies as a
(2)an improper method used for no "Partial disposition."
more than one tax year.
-by filing form 3115
& the total proceeds received
-following the other on liquidation of the
procedures for changing bonds during the year the bonds
a permissible method of were cashed in.
accounting in later years.
Don't know?
4 of 125
Term
The cost of a life estate or other term interest can be amortized
over the term if
Give this one a try later!
reports you reimbursement of employees' qualified moving expenses. (No
reporting is necessary if you directly pay a moving company or other third party)
(1) the interest is acquired by purchase and isn't created by the
taxpayer's division of a larger interest, and
(2)the remainder interest isn't held by a person related to the taxpayer.
, -assess you personally for 100% of your company's outstanding payroll taxes, if
you're a responsible person who willfully fails to deposit those taxes.
-as if he were the absolute owner of the property.
Don't know?
5 of 125
Term
In addition to using the standard mileage rate, a taxpayer may also
deduct any
Give this one a try later!
business-related
parking fees and tolls paid -structural component of a building
while engaging in deductible unless the disposition qualifies as a
business travel. "Partial disposition."
There is debate, some tax pros Business purposes;
say only they need to. Charitable purposes; or
Obtaining medical care.
Don't know?
6 of 125
COMPLETE SOLUTIONS!!
1 of 125
Definition
the federal limits, substituting Fed AGI with MT AGI
Give this one a try later!
a taxpayer can elect to terminate An intangible asset is depreciable
GAA treatment for a (but not under MACRS) if
, MT Charitable contributions
limits are 401(k) payin cap for 2019 is
Don't know?
2 of 125
Term
Do only real estate professionals need to issue 1099-misc for rental
activity income?
Give this one a try later!
Only those with rental income
above $10,000 need to issue 1099- All landlords must issue 1099-
misc. misc regardless of profession.
There is debate, some tax Only commercial property owners
pros say only they need to. need to issue 1099-misc.
Don't know?
3 of 125
Term
How to fix when you fail to claim depreciaiton-
Give this one a try later!
, (1) a mathematical or posting
error, or -structural component of a building
unless the disposition qualifies as a
(2)an improper method used for no "Partial disposition."
more than one tax year.
-by filing form 3115
& the total proceeds received
-following the other on liquidation of the
procedures for changing bonds during the year the bonds
a permissible method of were cashed in.
accounting in later years.
Don't know?
4 of 125
Term
The cost of a life estate or other term interest can be amortized
over the term if
Give this one a try later!
reports you reimbursement of employees' qualified moving expenses. (No
reporting is necessary if you directly pay a moving company or other third party)
(1) the interest is acquired by purchase and isn't created by the
taxpayer's division of a larger interest, and
(2)the remainder interest isn't held by a person related to the taxpayer.
, -assess you personally for 100% of your company's outstanding payroll taxes, if
you're a responsible person who willfully fails to deposit those taxes.
-as if he were the absolute owner of the property.
Don't know?
5 of 125
Term
In addition to using the standard mileage rate, a taxpayer may also
deduct any
Give this one a try later!
business-related
parking fees and tolls paid -structural component of a building
while engaging in deductible unless the disposition qualifies as a
business travel. "Partial disposition."
There is debate, some tax pros Business purposes;
say only they need to. Charitable purposes; or
Obtaining medical care.
Don't know?
6 of 125
