7SV 5187 94 Which one of the following statements is correct

7SV 5187 94. Which one of the following statements is correct in regard to occupational taxes for working in a locality as an employee? They are deductible as a miscellaneous deduction not subject to the 2% of the AGI limit. a. b. You have the option of deducting the taxes on Form 2106. C. They are not deductible. They are deductible as a miscellaneous deduction subject to the 2% of the AGl limit. Certain travel expenses incurred in connection with a temporary work assignment are deductible. Which one of the following statements is incorrect in this regard? 95. a. b. c. Taxi fares are deductible. Baggage charges are deductible. Laundry expenses are deductible. A temporary work assignment is one that is expected 9 months or less. 96. Cert ain employees of the Department of Transportation are allowed to deduct a certain percentage of their business-related meal expenses. What is the allowable percentage? a. b. C. d. 50% 75% 80% 100% 97. Which one of the following statements is correct in regard to union dues? Initiation fees paid for union membership are not deductible. You can deduct the part of assessments that provide for payment of death benefits. You can deduct assessments for benefit payments to unemployed union members. You can deduct contributions to a pension fund if the union requires it. a. b. c. d. limit. Which one of the following statements is incorrect in this regard? a. Depreciation of home computers used for investments are not subject to the b. c. d, 2% limit. Fee\'s to collect interest and dividends are subject to the 2% limit. Fee\'s for tax advice are subject to the 2% limit. Safe deposit box rental payments are subject to the 2% limit. 21

Solution

ANSWERS:-

94. (d). They are deductible as miscellaneous deduction subject to the 2% of the AGI limit.

95. (d). A temporary work assignment is one that is expected 9 months or less.

96. (a). 50%

97. (b). You can deduct the part of assessments that provide for payment of death benefits.

98. (a). Depreciation of home computers used for investments are not subject to the 2% limit.