Tax Cuts and Jobs Act Essay Assignment

Tax Cuts and Jobs Act Essay Assignment

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True or false

Miscellaneous itemized deductions subject to the 2% of AGI floor are no longer allowed under the Tax Cuts and Jobs Act (TCJA) of 2017.

The cost of legal advice associated with the preparation of an individual’s Federal income tax return that is paid in 2019 is not deductible because it is a personal expense.

The amount of loss for partial destruction of business property is the lesser of the adjusted basis or the decline in the fair market value of the property.

The depreciable basis for property converted from personal use to business use may be the fair market value of the property at the time of the conversion.

Erica provides meals and lodging on her farm for her farm manager, Bob. Bob’s contract did not mention the provision of this fringe benefit, but Erica thought it would be a good idea to have Bob living on her farm in case of emergency arose that required his attention.

Bob had another house in the city. Erica does not need to include the value of the lodging in Bob’s wages.

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