chapter 11 Flashcards
1
Q
Given or paid in cash
A
amount paid
2
Q
rental payment of residence
A
50% of rent payment
3
Q
given in kind
A
FV or BV (higher)
4
Q
Usufruct of property
A
50% of the rental value of the property or
50% of the depreciation value
UL – 20 years (real), 5 years (personal)
5
Q
Aircraft / Helicopter
A
EXEMPT
6
Q
Yacht
A
depreciation value, UL of 20 years, NO 50% rule
7
Q
household expenses
A
amount paid
8
Q
Interest forgone
A
difference between 12% and actual interest.
9
Q
Reasonable business expense
A
EXEMPT Foreign travel
10
Q
Inland travel expenses
A
EXEMPT
11
Q
Lodging costs
A
$300 per day, EXEMPT
12
Q
Economy and business class ticket
A
EXEMPT
13
Q
First-class ticket
A
30% of the cost of ticket
