1your brother is short on cash and cannot pay his rent this, Ask an Expert

Accounting

1.Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction?

2.Which of the following items would be excluded from income?

(a) $100 bill found under the sugar caddy at the restaurant

(b) Inheritance of a car from your grandmother valued at $5,000.

(d) Child Support received totaling $16,500.

3.Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36, Interest on a U.S. Series EE Savings Bond of $25, Interest on a CD that has not matured yet of $20. How much taxable interest income must they report on their 2013 tax return?

4.Explain what a Cafeteria Plan is

5. Explain the limitations placed on the deductibility of Business Gifts? What code section dictates this treatment?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9795548

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