Question of
Fringe benefits may be provided to
An employee or contractor in exchange for services performed.
Employees or contractors, but only after a probation period.
Employees only. Contractors are not eligible for fringe benefits.
Salaried employees only. Hourly employees and contractors are not eligible for fringe benefits.
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Question of
Jenna loves to spend her free time quilting. She recently decided to start selling her handmade blankets to friends and family. She does this for recreation, not to make a profit. How will Jenna report the income and expenses from this activity?
She does not report the income or expenses since it is not considered a forprofit business.
She will report the income in excess of all expenses on Schedule Form line
She will report the income in excess of the cost of goods sold on Schedule Form line j
She will report the income as gross income in Part I of Schedule C Form and the expenses in Part II
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: PM
Realize Your Potential: H&R Block
Which of the following taxpayers will be allowed to recognize depreciation on their property?
Diane rented pasture land with no capital improvements.
Sufyan bought an active medical device business consisting of goodwill and patents.
Henrietta owned a vehicle which is used for both personal and business purposes.
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