Test Bank SWFT Comprehensive CERTAIN BUSINESS EＸPENSES AND LOSSES.docVIP

CHAPTER 7 DEDUCTIONS AND LOSSES: CERTAIN BUSINESS EXPENSES AND LOSSES Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus, users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Learning Objective, Level of Difficulty, Estimated Time to Completion, and the AACSB’s and AICPA’s Core Competencies for each test item are located within the item itself. Status: Q/P Question/ Present in Prior Problem Topic Edition Edition TRUE OR FALSE 1 Bad debt: loss amount Unchanged 1 2 Bad debts Unchanged 2 3 Bad debts: tax benefit rule New 4 Reserve method Unchanged 4 5 Bad debt: collection Unchanged 5 6 Proof of worthlessness New 7 Nonbusiness bad debt Unchanged 7 8 Nonbusiness bad debt versus business bad debt Unchanged 8 9 Nonbusiness bad debt: corporation Unchanged 9 10 Business bad debt: classification Unchanged 10 11 Nonbusiness bad debt Unchanged 11 12 Bona fide debt Unchanged 12 13 Worthless security versus business loan Modified 13 14 Worthless securities Unchanged 14 15 Worthless securities Unchanged 15 16 Definition of §?1244 small business stock New 17 Loss on §?1244 small business stock Unchanged 17 18 Gain and loss on §?1244 small business stock Unchanged 18 19 Rental loss Unchanged 19 20 Casualty loss: defined Unchanged 20 21 Casualty loss: taxpayer Unchanged 21 22 Casualty loss: defined Unchanged 22 23 Theft loss: amount New 24 Theft loss: time of deduction Unchanged 24 25 Casualty loss: reimbursement Unchanged 25 26 Casualty loss: amount of deduction New 27 Casualty loss: amount of deduction Unchanged 27 28 Casualty loss: disaster area New 29 Casualty loss: amount of deduction Unchanged 29 Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 30 Casualty loss: personal use property Modified 30 31