Reference no: EM132427042

Question 1. State the amount of the current tax credit for children

Question 2. Descrived the allowable credit for adoption expenses for:
a. an eligible child who is not a special needs child
b. a child with special needs

Question 3. A. Who is a qualifying individual for purposes of the dependent care credit?

Question 4. A. What expenses qualify for the American opportunity and lifetime learning credit.
B. What special rules apply to the American opportunity and lifetime learning credit expenses

Question 5. What basic conditions are necessary for the allowance of a cost recovery deduction?

Question 6. Explain the rule requiring that depreciation must be deducted during the assets useful life

Question 7. Explain the distinction between ACRS and MACRS

Question 8. What are the depreciation methods for each of the following typs of post 1986 property?
a.3-,5-,7-, and 10 year recovery property
b. real property

Question 9. What convention will be used in determining first year and last year depreciation for real estate?

Question 10. Describe three major differences between the original ACRS and the current MACRS

Question 11. a. explain the rules for expensing a certain depreciable property
b. Explain how the applicable maximum amount eligible for expensing may be reduced for certain taxpayers.

Question 12. What special rules apply to depreciation deductions taken for listed property such as computers?

Question 13. What types of intangible assets are eligible for cost recover through amortization?

Question 14. Describe the types of activities that are subject to limitations on tax deductions under the passive activity rules?

Question 15. Describe the active participation exception to the passive loss limitations