Chapter 4 Flashcards
1
Q
Group Term Life Insurance
A
Coverage over 50000 is taxed by the rate in the uniform premium table
2
Q
Scholarship fringe benefit for employee’s children
A
Scholarships are taxed if they are a fringe benefit
3
Q
Parking fringe benefits
A
excludible up to 240 a month
4
Q
foreign income exclusion
A
works as long as you live there for 330 days in a consecutive 12 month period as long as it is under 95100
5
Q
To qualify for business expense three tests
A
Ordinary, necessary, reasonable
6
Q
For CEO
A
Maximum deductible amount of compensation is a million dollars
7
Q
Rental home
A
rented for more than 15 days in a year and used less than 14 for personal use
