Business tax, accounting, Basic Statistics

Maria runs a small business out of her home. She has expenses of $2,000 per year and uses the cash basis method of accounting. Her only employee is her cousin who works for her part-time. What form should she use to report her business income?
A) Schedule A
B) Schedule C
C) Schedule F
D) Schedule C-EZ
E) Schedule B
49.
Which one of the following is not a qualified moving expense?
A) Meals eaten on the road while traveling to the new residence.
B) Cost to have a grand piano shipped to the new residence.
C) Lodging expenses while traveling to the new residence.
D) Moving van expenses.
E) All of the above are qualified moving expenses.
50.
In his spare time, Fred likes to restore old furniture and sell it to his friends. He is a lawyer by trade. During 2010, he sells $500 worth of furniture and has $21,000 worth of expenses. Which one of the following is true?
A) Fred may deduct all $21,000 of his expenses because Fred is engaged in a hobby.
B) Fred may deduct all $21,000 of his expenses because Fred is engaged in a trade or business.
C) Fred cannot deduct any of the expenses because he is engaged in a hobby.
D) Fred’s deductions are limited to the income from selling furniture because he is engaged in a hobby.
E) None of the above is true.
Posted Date: 2/22/2012 9:51:21 PM | Location : United States







Related Discussions:- Business tax, accounting, Assignment Help, Ask Question on Business tax, accounting, Get Answer, Expert's Help, Business tax, accounting Discussions

Write discussion on Business tax, accounting
Your posts are moderated
Related Questions
AXIOM, usually, it is a saying that is commonly recognized on its own merits; in sense, it is an idea that is not vulnerable of confirmation or disproof; its reality is believed to

i have data points of the form (x,y) of a cluster... I want to find variance nad standard deviation of this so dat i can decide which is a good cluster... so let me know how to do

what are the characteristics of schedules

Regression line drawn as Y=C+1075x, when x was 2, and y was 239. Given that y intercept was 11. Calculate the residual

foster company makes 20000 units per year that in uses in products it manufactures

The manager of a large industrial plant is interested in investigating whether age has an effect on the leadership ability of employees. 66 employees were randomly selected, divide


In 2009, the average number of runs scored in the National League was approximately 4.5 per team. Therefore, a team has done an adequate job with its offense if it scores at least

What is an irrevocable letter of credit? A permanent mail of credit score is a financial instrument used by banks to guarantee a customer's obligations to a supplier. It is perm

A. Use the inequality derived for part C question 3; to obtain an inequality required x *CD  = 1 to remain stable against DD invaders. Also draw the ROC diagram discussed in class