WGU C237 TAXATION I (OA) EXAM WITH
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
Terms in this set (292)
Number of days that are initially 30
given to an audited individual or
business to either request a
conference with an appeals officer
or agree to the proposed
adjustment. (Ch 2-6)
Number of days that are given to an 90
audited individual or business after
the appeals conference to either
pay the proposed deficiency or file
a petition in the US Tax Court to
hear the case. (Ch 2-6)
,A regulation that allows prepaid 12 Month Rule
business expenses to be currently
deducted when the contract does
not extend beyond a specific
numbers of months and the
contract period does not extend
beyond the end of the tax year
following the year of the payment.
(Ch 6-15)
Depreciable or real property used 1231 Assets
in a taxpayers trade or business
owned for more than one year. (Ch
11-8)
A tax rule requiring taxpayers to 1231 Look Back Rule
treat current year net (Ch 11-18)
Tangible personal property and 1245 Property
intangible property subject to cost
recovery deductions. (Ch 11-10)
Real property subject to cost 1250 Property
recovery deductions. (Ch 11-14)
, The portion of a corporate 291 Depreciation Recapture
taxpayer's gain on real property
that is converted from 1231 gain to
ordinary income. (Ch 11-14)
A change to taxable income 481 Adjustment
associated with a change in
accounting methods. (Ch 9-30)
A married taxpayer who lives apart Abandoned Spouse
from the spouse for the last 6
months of the year, who files a tax
return separate from the spouse,
and who maintains a household for
a qualifying child. (Ch 4-24)
Early receipt of life insurance Accelerated Death Benefits
proceeds that are not taxable un
certain circumstances, such as the
taxpayer is medically certified with
an illness that is expected to cause
death within 24 months. (Ch 5-28)
An Employer's reimbursement plan Accountable Plan
under which employees must
submit documentation supporting
expenses to receive reimbursement
and reimbursements are limited to
legitimate business expenses. (Ch
5-23)
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
Terms in this set (292)
Number of days that are initially 30
given to an audited individual or
business to either request a
conference with an appeals officer
or agree to the proposed
adjustment. (Ch 2-6)
Number of days that are given to an 90
audited individual or business after
the appeals conference to either
pay the proposed deficiency or file
a petition in the US Tax Court to
hear the case. (Ch 2-6)
,A regulation that allows prepaid 12 Month Rule
business expenses to be currently
deducted when the contract does
not extend beyond a specific
numbers of months and the
contract period does not extend
beyond the end of the tax year
following the year of the payment.
(Ch 6-15)
Depreciable or real property used 1231 Assets
in a taxpayers trade or business
owned for more than one year. (Ch
11-8)
A tax rule requiring taxpayers to 1231 Look Back Rule
treat current year net (Ch 11-18)
Tangible personal property and 1245 Property
intangible property subject to cost
recovery deductions. (Ch 11-10)
Real property subject to cost 1250 Property
recovery deductions. (Ch 11-14)
, The portion of a corporate 291 Depreciation Recapture
taxpayer's gain on real property
that is converted from 1231 gain to
ordinary income. (Ch 11-14)
A change to taxable income 481 Adjustment
associated with a change in
accounting methods. (Ch 9-30)
A married taxpayer who lives apart Abandoned Spouse
from the spouse for the last 6
months of the year, who files a tax
return separate from the spouse,
and who maintains a household for
a qualifying child. (Ch 4-24)
Early receipt of life insurance Accelerated Death Benefits
proceeds that are not taxable un
certain circumstances, such as the
taxpayer is medically certified with
an illness that is expected to cause
death within 24 months. (Ch 5-28)
An Employer's reimbursement plan Accountable Plan
under which employees must
submit documentation supporting
expenses to receive reimbursement
and reimbursements are limited to
legitimate business expenses. (Ch
5-23)
