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Gifts can constitute a business deduction under --------------
Gifts can constitute a business deduction under Sec. 162(a).
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Gifts can constitute a business deduction under Sec. 162(a). They are limited by Sec. 274(b) to------------------------------
Gifts can constitute a business deduction under Sec. 162(a). They are limited by Sec. 274(b) to $25 per recipient per year.
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Only parent-subsidiary affiliated groups meet the requirement of having a ---------------------------------.
Only parent-subsidiary affiliated groups meet the requirement of having a common parent corporation.
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In tax law, a “foreign” entity (not a citizen of a given tax jurisdiction, e.g., city, county, state, nation) is required to have a ----------- to the tax jurisdiction before a sales tax or income tax may be imposed on the activities of that entity.
In tax law, a “foreign” entity (not a citizen of a given tax jurisdiction, e.g., city, county, state, nation) is required to have a nexus to the tax jurisdiction before a sales tax or income tax may be imposed on the activities of that entity.
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In 1967 and 1992, the U.S. Supreme Court ruled that states cannot collect sales taxes on retailers unless there is a---------------------------------- within the state.
In 1967 and 1992, the U.S. Supreme Court ruled that states cannot collect sales taxes on retailers unless there is a physical presence (nexus) within the state.
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For sales taxes, a business might have nexus if it has
--------------------------------------,
-------------------------------------------,
----------------------------------------------------------------,
-------------------------------------------------------, or
------------------------------------------------------.
For sales taxes, a business might have nexus if it has
A physical location in the state,
Resident employees working in the state,
Real or intangible property (owned or rented) within the state,
Employees who regularly solicit business within the state, or
Significant sales or transactions within the state.
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Public Law 86-272 limits the state’s ability to tax the net income of nonresidents by establishing ---------------------
Public Law 86-272 limits the state’s ability to tax the net income of nonresidents by establishing nexus rules
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------------------ is not established if
Activity is limited to solicitation of orders for tangible personal property,
The orders are sent out of state for approval or rejection, and
The orders are filled by shipment or delivery from a point outside the state if approved.
Nexus is not established if
Activity is limited to solicitation of orders for tangible personal property,
The orders are sent out of state for approval or rejection, and
The orders are filled by shipment or delivery from a point outside the state if approved.
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A member of a controlled group need not use a ------------ tax year.
A member of a controlled group need not use a parent’s tax year.
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Parent-Subsidiary Controlled Group
Two corporations if one of the corporations owns stock that represents
-------------------------------------------------- or
-------------------------------------------------------------
Parent-Subsidiary Controlled Group
Two corporations if one of the corporations owns stock that represents
80% or more of total voting power or
80% or more of total value outstanding of the stock of the other
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There is a ------ limit to deductible amounts for allowable meal expenses and related expenses, such as taxes, tips, and parking fees.
There is a 50% limit to deductible amounts for allowable meal expenses and related expenses, such as taxes, tips, and parking fees.
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Meals while traveling for business are also ------- deductible.
Meals while traveling for business are also 50% deductible.
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Up to ------- of the cost of employee achievement awards is deductible by an employer for all nonqualified plan awards.
Up to $400 of the cost of employee achievement awards is deductible by an employer for all nonqualified plan awards.
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Taxpayers can deduct up to ---------- of start-up costs and ------------------ of organizational costs in the taxable year in which the business begins.
Taxpayers can deduct up to $5,000 of start-up costs and $5,000 of organizational costs in the taxable year in which the business begins.
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The $25 gift limit does not apply to incidental (e.g., advertising) items costing (the giver) -------------------------------------------------------------------------------
The $25 gift limit does not apply to incidental (e.g., advertising) items costing (the giver) $4 each or less, and other promotional materials, including signs and displays.
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When there are conflicting sources of tax law within the same tier of the hierarchy, the ---------------------------------------------------------------------------------
When there are conflicting sources of tax law within the same tier of the hierarchy, the most recent rule or law takes precedence.
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The --------------------------------------------- is the primary source of federal tax law.
The Internal Revenue Code of 1986 is the primary source of federal tax law.
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