University of North Dakota Business Income Tax Questions

Question Description

Please answer the following questions correctly. The rest of the questions are in the word document attached.

Question 1

Legal expenses are deductible if they are associated with

		a drug arrest
		a roofing business
		divorce
		a speeding ticket.

Question 2

Which of the following assets is not depreciated?

		Land
		Breeding cattle
		Computer
		Office desk

Question 3

The tax year for a fiscal year taxpayer is

		Any consecutive 12 month period.
		July of one year through June the next year.
		January through December.
		None of these.

Question 4

April, a calendar year taxpayer, is a 30% partner in Pawnee Partnership. For the fiscal year ending December 31, 2020, the partnership had $500,000 net income and April withdrew $100,000 in December of each year. What is April’s gross income from the partnership for 2020?

		$150,000
		$90,000
		$100,000
		$20,000

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