SALT AM 3.7.24

SALT AM 3.7.24

Professional Development

11 Qs

quiz-placeholder

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SALT AM 3.7.24

SALT AM 3.7.24

Assessment

Quiz

Professional Development

Professional Development

Medium

Created by

Lora Liskey

Used 1+ times

FREE Resource

11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What 2017 legislation implemented the state tax deduction limitation of $10,000 for individual taxpayers?

Coronavirus Aid, Relief and Economic Security Act (CARES)

Tax Cuts and Jobs Act (TCJA)

Build Back Better Act

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This state was the first to enact PTET legislation in response to the TCJA $10K state tax deduction "cap".

New York

Illinois

New Jersey

Connecticut

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What IRC code section do we review in determining if a state conforms to federal bonus depreciation rules?

168(k)

704(c)

704(b)

743

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Generally speaking, how long is the statute of limitations for unfiled returns?

5 years

No limitation period

2 years

10 years

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What state has a maximum personal income tax rate of 13.3%?

Texas

New York

Minnesota

California

6.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

Name the two states that impose a Commercial Activity Tax on business with gross receipts in those particular states.

Oklahoma

Oregon

Ohio

Mississippi

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is trade or business income generated within the United States, earned by a foreign person, called?

Fixed, Determinable, Annual, or Periodical Income (FDAP)

Ordinary Income

Effectively Connected Income (ECI)

Capital Gains

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