1. Schedule C or Schedule C-EZ may be used to report the net profit or loss from a partnership with business expenses of $2,500 or less.
When a taxpayer uses the FIFO inventory valuation method, the assumption on which the method is based is that the inventory on hand at the end of the year consists of the most recently acquired items.
A taxpayer who adopts the LIFO method of inventory valuation for tax purposes may use the FIFO method for preparing financial statements.
The taxpayer must use either the FIFO or LIFO method of valuing inventory, depending upon which method reflects the actual goods the taxpayer has on hand.
Once the election to use the LIFO inventory method has been made by a taxpayer, the inventory method may be changed only with the consent of the IRS.
Once a taxpayer uses the standard mileage method to determine the deduction for automobile expenses for the tax year, the standard mileage method must be used in all subsequent years.
The standard mileage rate for automobiles in 2013 is 56.5 cents per mile.
If the taxpayer does not maintain adequate records of the car expenses (i.e., gas, tires, car insurance, etc.), the standard mileage rate cannot be used.
If a taxpayer works at two or more jobs during the same day, he or she may deduct the cost of transportation from one job to the other.
If a taxpayer takes a trip within the United States which is primarily for business, the cost of travel to and from the destination need not be prorated between the business and personal portion of the trip.
If an employee is transferred to a distant location for an indefinite period of time, the new location typically will be considered the employee’s new tax home.
The cost of transportation from New York to London for a trip that is for both business and pleasure may be deducted in full as a travel expense.
For an expense to qualify as a travel expense, the taxpayer must be away from home for at least 24 hours.
The IRS has approved only two per diem methods to substantiate travel expenses, the high-low method and the meals and incidental expenses method.
Taxpayers who use their country club more than 50 percent for business may deduct the total amount of their membership dues.
The expense of a sales luncheon may be deductible (50 percent in 2013) even if no sale is made.
The expense of travel as a form of education is not deductible.
The cost of a subscription to the New England Journal of Medicine is a deductible expense for a hospital intern.
The cost of a blue wool suit for an accountant is a deductible expense.
A business gift with a value of $35 presented to a client and his nonclient spouse is fully deductible by the donor.
There is a limitation of $25 per donee on the deduction of gifts to employees for length of service.
A gift to a foreman by a worker is considered business related and therefore subject to the $25 limit.
Under the specific charge-off method, a deduction for a bad debt is taken when the debt is determined to be worthless.
A deduction for a business bad debt is allowed to the extent that income related to the debt was previously included in taxable income.
Most taxpayers must use the specific charge-off method in calculating the bad debt deduction.
The home office deduction is an easy way for a taxpayer to show a loss on his or her tax return.
If a home office is used for both business and personal purposes, the home office expenses, such as rent or depreciation, should be allocated between the business and personal use and then deducted.
Net operating losses may be carried forward indefinitely.
Have business expenses of $5,000 or less.
To file a Schedule C-EZ, the taxpayer must:
What income tax form does a self-employed sole proprietor usually use to report business income and expense?
Schedule SE and C
In the current year, Johnice started a profitable bookkeeping business as a sole proprietor. Johnice made $38,000 in her first year of operation. What two forms must Johnice file for her business?
Maria runs a small business out of her home. She has expenses of $2,000 per year and uses the cash basis method of accounting. Her only employee is her cousin who works for her part-time. What form should she use to report her business income?
Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $160,000 on December 31, 2013. During the year, the corporation purchased additional inventory of $415,000. If cost of goods sold for 2013 is $470,000, what was the beginning inventory at January 1, 2013?
Janine would have a higher net income if she used the FIFO method of inventory valuation instead of the LIFO method.
Janine is a sole proprietor owning a small specialty store. The business records show that the cost of the store’s individual inventory items has been steadily increasing. The cost of the end of the year inventory is $125,000 and the cost of the beginning of the year inventory was $150,000. Janine uses the LIFO method of inventory valuation. Which of the following statements is true?
Acacia Company had inventory of $100,000 on December 31, 2013. Other information is as follows:
Inventory 1/1/2013 300,000
What is the amount of Acacia’s cost of goods sold for 2013?
Jasper has apparently decreased the volume of items in his ending inventory as compared to the number of items in his beginning inventory.
Jasper owns a small retail store as a sole proprietor. The business records show that the cost of the store’s inventory items has been steadily increasing. The cost of the end of the year inventory is $200,000 and the cost of the beginning of the year inventory was $250,000. Jasper uses the FIFO method of inventory valuation. Which of the following statements is true?
Patricia is a business owner who is trying to determine her cost of goods sold for 2013. She bought 20 units of inventory at $11, then 26 units at $9, and finally 18 units at $14. She sold 30 units in 2013 and uses FIFO for her inventory valuation. What was her cost of goods sold in 2013, assuming that there was no inventory at the beginning of the year?
Greg, a self-employed plumber, commutes from his home to his office which is 10 miles away. He loads his truck for the day with the parts that he needs. Then he is off to see his first customer of the day, Mr. Smith. Mr. Smith is 5 miles away from the office. After Mr. Smith’s job, Greg goes to his next job, Martin’s Dry Cleaning, which is 21 miles away from Mr. Smith. Greg spends the rest of the day at Martin’s Dry Cleaning. From Martin’s Dry Cleaning, Greg goes home which is now only 7 miles away. How much can Greg count as deductible transportation miles?
Do not include the normal costs of commuting.
Deductible transportation expenses:
A taxpayer who has a fleet of 10 business automobiles
Which of the following taxpayers may not use the standard mileage method of calculating transportation costs?
Barry is a self-employed attorney who travels to New York on a business trip during 2013. Barry’s expenses were as follows:
Taxis $ 40
How much may Barry deduct as travel expenses for the trip?
The meals and incidental expenses method requires actual cost records to substantiate lodging expenses.
If an employer chooses a per diem method of substantiation for travel expenses,
During 2013, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip. While in Miami, Harry decides to stay for an additional 5 days of vacation. Harry pays $600 for airfare, $200 for meals, and $500 for lodging while on business. The cost of meals and lodging while on vacation was $300 and $500, respectively. How much may Harry deduct as travel expenses for the trip?
Cost of entertaining clients
Which of the following items incurred while on travel is not considered a travel expense?
Must allocate the travel cost between the business and pleasure parts of the trip if the travel is outside the United States.
Taxpayers who make a combined business and pleasure trip:
Gift purchased for a prospective customer ($20)
Which of the following expenses, incurred while on travel, does not qualify as a travel expense?
d. The cost of all of the airfare and the expenses related to the business days should be deducted, while the expenses related to the personal days are not deductible.
Mikey is a self-employed computer game software designer. He takes a week-long trip to Maui, primarily for business. He takes 2 personal days at the beach. How should he treat the expenses related to this trip?
All of the above must be substantiated
If a per diem method is not used, which of the following items is not required as substantiation for the deduction of a travel expense?
Carlos drives to Oregon to consult with a client. He works for 1 day and spends 3 days enjoying Oregon since the consultation was right before a 3-day weekend. His expenses were $175 to drive to Oregon and back, $600 for lodging, $45 for food on the day that he worked, and $125 for food on the other 3 days. How much of his travel expenses are deductible?
50 percent, Schedule C deduction
Gary is a self-employed accountant who pays $2,000 for business meals. How much of a deduction can he claim for the meals and where should the deduction be claimed?
Jack is a lawyer who is a member at Ocean Spray Country Club where he spends $7,200 in dues, $4,000 in meals, and $2,000 in green fees to entertain clients. He is also a member of the local Rotary club where he meets potential clients. The dues for the Rotary club are $1,200 a year. How much of the above expenses can Jack deduct as business expenses?
Linda is self-employed and spends $600 for business meals and $400 for business entertainment in 2013. What is Linda allowed to deduct in 2013 for these expenses?
In order to be deductible, dues and subscriptions must be related to the taxpayer’s work.
Choose the correct statement:
Henry, an administrative assistant, is taking an advanced Word computer program class through an adult school program.
In which of the following situations may the taxpayer take an education expense on Schedule C?
Expenses for travel as a form of education are not deductible.
Choose the correct answer.
Subscription to the “Journal of Taxation” for a tax attorney
Which of the following is deductible as dues, subscriptions or publications
An accountant buys a business suit.
Which of the following does not give rise to a business expense for uniforms or special clothing?
The clothing must not be suitable for everyday use and must be required as a condition of the job.
To be deductible as the cost of special work clothing or uniforms:
Sue is a small business owner who often gives gifts to clients. She gives a $40 gift to her client, Mr. Smith, and his wife. Sue spent $6 to wrap the gift. She also gave out 400 calendars with her company name on them. Each calendar cost $1. Sue also gave her secretary a $370 watch for his 10 years of service. How much of the above expenses may she deduct?
Nancy owns a small dress store. During 2013, Nancy gives business gifts having the indicated cost to the following individuals:
Mrs. Johns (a customer) $37 plus $3 shipping
Mr. Johns (nonclient husband of Mrs. Johns) $10
Ms. Brown (a customer) $22
What is the amount of Nancy’s deduction for business gifts?
During the 2013 holiday season, Bob, a barber, gave business gifts to 34 customers. The values of the gifts, which were not of a promotional nature, were as follows:
8 at $10 each
8 at $25 each
8 at $50 each
10 at $100 each
For 2013, what is the amount of Bob’s business gift deduction?
$15,000, with $30,000 carried forward to 2014
Ellen loans Nicole $45,000 to start a hair salon. Unfortunately, the business fails in 2013 and she is unable to pay back Ellen. In 2013, Ellen also had $20,000 of income from her part-time job and $12,000 of capital gain from the sale of stock. How much of the $45,000 bad debt can Ellen claim as a capital loss in 2013?
Lisa is not allowed a deduction for the uncollectible accounts if she has not previously included the income arising from the accounts in taxable income.
Splashy Fish Store allows qualified customers to purchase items on credit. During 2013, Lisa, the owner of the store, determines that $3,500 of accounts receivable are not collectible. Which of the following statements is true with respect to Lisa’s deduction for the uncollectible accounts receivable?
A dentist, using the accrual basis of accounting, who records income when it is earned and extends credit to a patient for services provided.
Which of the following would be a business bad debt if it were uncollectible?
$3,000 short-term capital loss
Tim loaned a friend $4,000 to buy a used car. In the current year, Tim’s friend declares bankruptcy and the debt is considered totally worthless. What amount may Tim deduct on his individual income tax return for the current year as a result of the worthless debt, assuming he has no other capital gains or losses for the year?
Because of the business loss, home office expenses (other than mortgage interest and property taxes allocated to the office) cannot be deducted in the current year but can be carried forward to the next year.
Martin has a home office for his business as an agent for rock-and-roll bands. The business shows a loss of $2,000 before home office expenses. How should the home office expenses be treated?
None of the above
Peter operates a dental office in his home. The office occupies 250 square feet of his residence, which is a total of 1,500 square feet. During 2013, Peter pays rent for his home of $12,000, utilities of $4,800, and maintenance expenses of $1,200. What amount of the total expenses should be allocated to the home office?
Only $7,000 of the office expenses can be deducted; the remaining $1,000 can be carried forward to future tax years
Gene is a self-employed taxpayer working from his home. His net income is $7,000 before home office expenses. His allocable home office expenses are $8,000 in total. How are the home office expenses treated on his current year tax return?
Bobby is an accountant who uses a portion of his home as his office. His home is 2,500 square feet and his office space occupies 1,000 square feet. Rent expense is $20,000 a year; utilities expense is $1,200 a year; and maintenance expense is $2,000 a year. What is the total amount of these expenses that can be allocated to his home office?
Only $5,000 home office expenses may be deducted, resulting in net business income of zero. The extra $5,000 of home office expenses may be carried forward and deducted in a future year against business income.
Kendra is a self-employed taxpayer working exclusively from her home office. Before the home office deduction, Kendra has $5,000 of net income. Her allocable home expenses are $10,000 in total. How are the home office expenses treated on her current year tax return?
Richard operates a hair styling boutique out of his home. The boutique occupies 300 of the home’s 1,200 square feet of floor space. Other information is as follows:
Gross income from the boutique $10,000
Supplies for the boutique $ 2,000
Depreciation on total residence $12,000
Utilities for total residence $ 6,000
What amount of income or loss from the boutique should Richard show on his return?
Patrick may offset income he generated in 2011 and 2012 with 2013’s net operating loss by carrying the net operating loss back to each of those tax years. The remaining net operating loss can be carried forward and used to offset future taxable income.
Patrick has a business net operating loss of $70,000 in 2013. Patrick’s business did well in 2011 and in 2012. Which of the following is true?
Karen has a net operating loss in 2013. If she does not make any special elections, what is the first year to which Karen can carry the net operating loss?
Are primarily designed to provide relief for trade or business losses.
The net operating loss (NOL) provisions of the Internal Revenue Code
The activity shows a profit for 3 of the 5 previous years.
In determining whether an activity should be classified as a hobby, the tax law provides a rebuttable presumption with regard to the profits or losses of an activity. Which of the following statements describes the profit/loss test which must be satisfied in order to meet the presumption that the activity is not a hobby?
Whether the activity is owned and run by the taxpayer alone
Which of the following is not a factor that the IRS looks at to determine if a loss is from a hobby or from a business?
All of the above
Which of the following factors are considered by the IRS in evaluating whether an activity is classified as a business or a hobby?
Fred’s deductions are limited to the income from selling furniture because he is engaged in a hobby
In his spare time, Fred likes to restore old furniture and sell it to his friends. He is a lawyer by trade. During 2013, he sells $500 worth of furniture and has $21,000 worth of expenses. Which one of the following is true?
Ruth may deduct 100 percent of the medical education fees and travel and 50 percent of the meals, a total of $3,700
Ruth is a self-employed surgeon and is required to take a week of continuing medical education every year to keep her license. This year she paid $2,000 in course fees for her continuing medical education in Honolulu. She also paid $1,500 for airfare and a hotel room and $400 for meals. What is the total amount she can deduct on her Schedule C related to these expenses?
If a residence is rented for 15 days or more and is used for personal purposes for not more than 14 days or 10 percent of the days rented, whichever is greater, no allocation of expenses is required and the taxpayer may claim a deduction for the full amount of the expenses.
Net losses on the rental of vacation homes are limited to 15 percent of total gross income.
In most cases, a taxpayer reports rental income and the related expenses on Schedule E.
When a residence is rented for less than 15 days during the year, the rental income is excluded from gross income.
Under the passive loss rules, real estate rental activities are specifically defined as passive, even if the taxpayer actively manages the property
Passive losses of one activity may not be used to offset passive income from another activity.
Passive losses are fully deductible as long as they do not exceed $50,000 during the year
Without regard to their involvement in the management of the rental property, individual taxpayers may deduct up to $25,000 of rental real estate losses against other income, provided their income does not exceed certain limits.
Dividend income is considered “passive income.”
Wages are considered “active income.”
Unreimbursed qualifying moving expenses are an itemized deduction for 2013.
To qualify for the moving expense deduction, an employee must change job sites, move a required distance, and change employers.
If under 50 years of age, a taxpayer may make a contribution to an IRA, subject to the earned income limitation and the $5,500 annual limitation.
Earnings on nondeductible IRA contributions are allowed to accumulate tax-free until they are withdrawn.
Since a contribution to an IRA is a voluntary action, a taxpayer may withdraw amounts from an IRA at any time without penalty.
In 2013, all taxpayers may make a deductible or nondeductible contribution to an IRA.
If a taxpayer receives an early distribution from an IRA due to disability, he or she will not be subject to a penalty.
In some cases, a taxpayer may deduct an otherwise allowable contribution to an IRA, even though the contribution is made after the close of the tax year.
Subject to the annual dollar limitation and the earned income limitation, deductible IRA contributions are allowed for all taxpayers who do not participate in a qualified retirement plan.
A taxpayer must make contributions to a regular or Roth IRA prior to the end of the year in order to claim the deduction for that year.
Under a defined contribution plan, the contribution made on behalf of the employee is determined using a formula dependent on the employee’s current compensation.
If a Section 401(k) plan allows an employee to choose between a direct payment of compensation in cash or a contribution to the retirement plan, the plan is not a “qualified” plan.
In order for a pension plan to be considered a “qualified” retirement plan, the plan must satisfy certain minimum vesting requirements.
If an employer makes a contribution to a qualified retirement plan on behalf of an employee, the amount is currently deductible by the employer, and the employee must include the amount in gross income at the time the contribution is made.
In a distribution rollover from an IRA, the recipient must contribute 80 percent of the distributed amount to the new trustee in order for the rollover to be tax free.
None of the above
Lester rents his vacation home for 6 months and lives in the home during the other 6 months of 2013. The gross rental income from the home is $4,500. For the entire year, real estate taxes are $800, interest is $3,000, utilities and maintenance expenses are $2,200, and depreciation expense on the entire home would be $4,000. What is Lester’s allowable net loss from renting his vacation home?
Bill is the owner of a house with two identical apartments. He resides in one apartment and rents the other apartment to a tenant. The tenant made timely monthly rental payments of $500 per month for the months of January through December, 2013. The following expenses were incurred on the entire building:
Maintenance and repairs $ 800
Insurance on building $ 600
In addition, depreciation allocable to the rented apartment is $1,500. What amount should Bill report as net rental income for 2013?
Mort is the owner of an apartment building containing ten identical apartments. Mort resides in one apartment and rents out the remaining units. For 2013, the following information is available:
Gross rents $21,600
Utilities for total building $ 2,500
Maintenance and repairs (rental apartments only) $ 1,200
Advertising for vacant apartments $ 300
Depreciation of building (all ten units) $ 5,000
What amount should Mort report as net rental income for 2013?
Donald owns a two-family home. He rents out the first floor and resides on the second floor. The following expenses attributable to the total building were incurred by Donald for the year ended December 31, 2013:
Real estate taxes $ 1,800
Mortgage interest $ 1,200
Utilities $ 1,000
Repairs (first floor) $ 300
Painting (second floor) $ 400
In addition, the depreciation attributable to the entire building would be $2,000. What is the total amount of the expenses that Donald can deduct on Schedule E of Form 1040 (before any limitations)?
If the residence is rented for 15 days or more and is used for personal purposes for not more than 14 days or 10 percent of the days rented, whichever is greater, the residence is treated as a personal residence for tax purposes.
The expenses associated with the rental of a residence used for both personal and rental purposes are subject to three possible tax treatments. Which of the following is not included as one of the three?
Because Patrick rented the home for more than 14 days, he must report the income. He is also allowed to deduct a percentage of expenses such as utilities and depreciation to the extent of the income.
Patrick owns a home on the beach in Daytona. He lives in the house for most of the year but leaves town during the big motor sports race that comes through every year. During that time, he rents his home out for 3 weeks to race fans for $5,000. Which of the following is true?
Nancy has active modified adjusted gross income before passive losses of $125,000. She has a loss of $10,000 on a rental property she actively manages. How much of the loss is she allowed to deduct against the $125,000 of other income?
Ned has active modified adjusted gross income before passive losses of $170,000. He has a loss of $15,000 on rental property he actively manages. How much of the loss is he allowed to deduct against his other income?
Norm is a real estate professional with a real estate trade or business as defined in the tax law. He has $150,000 of business income and $50,000 of losses from actively managed real estate rentals. How much of the $50,000 in losses is he allowed to claim on his tax return?
Arnold purchased interests in two limited partnerships 6 years ago. During 2013, Arnold had income of $22,000 from one of the partnerships. He had a loss from the other partnership of $32,000, salary income of $35,000, and dividend income of $2,000. What is the amount of net passive losses that Arnold may deduct for 2013?
Thelma works at a liquor store in 2013 and makes $45,000. She also has dividend income of $12,000 and interest income of $1,000. She owns a beach house that gives her $11,000 in rental income and she owns a stake in a limited partnership that generates a $15,000 loss. What is her adjusted gross income in 2013?
Warren invested in a limited partnership tax shelter in 2000. During 2013, his losses from the partnership amount to $100,000. If Warren has no passive income, what is the amount of Warren’s deduction for passive losses for 2013?
Carey, a single taxpayer, purchased a rental house in 2013, which he actively manages. During 2013, Carey had a loss of $14,000 from the rental house. If Carey’s adjusted gross income for 2013 is $140,000 before the rental loss, what is the amount of Carey’s allowable deduction for the rental activity for 2013?
$10,000 net loss
Arnold purchased two rental properties 6 years ago. He actively participates in their management. During 2013, Arnold had income of $22,000 from one of the rentals. He had a loss from the other rental of $32,000, as well as salary income of $35,000, and dividend income of $2,000. What is Arnold’s net passive income or loss deduction?
Often result from the rental of real estate.
Choose the correct statement. Passive losses
Ellen supports her family as a self-employed attorney. She reports $90,000 of income on her Schedule C and pays $8,000 for health insurance for her family, $2,500 for dental insurance, $4,000 for health insurance for her 23-year-old daughter who is no longer a dependent, and $3,000 for disability insurance for herself. What is Ellen’s self-employed health insurance deduction?
What percentage of medical insurance payments can self-employed taxpayers deduct for adjusted gross income on their 2013 tax returns, assuming their self-employment income exceeds their medical insurance payments?
Long-term care insurance is allowed as a deduction, subject to a dollar limitation.
Which of the following is true about the self-employed health insurance deduction?
Distributions from HSAs are tax and penalty free when used for qualified medical expenses
Which of the following statements is true about health savings accounts (HSAs)?
Contributions to HSAs are deductible as itemized medical deductions.
Which of the following statements is false about health savings acounts (HSAs)?
The taxpayer must stay with the same employer.
Which of the following is not a test which must be met to qualify for the moving expense deduction?
The cost of a pre-move house-hunting trip
Which of the following is not deductible as a moving expense?
Monica has a Roth IRA to which she contributed $15,000. The IRA has a current value of $37,500. She is 54 years old and takes a distribution of $25,000. How much of the distribution will be taxable to Monica?
$5,500 to either a traditional IRA or a nondeductible IRA, but no contribution is allowed to a Roth IRA
A 42-year-old single taxpayer earning a salary of $130,000 a year can make which of the following IRA contributions if he is not covered by a plan at work?
April 15, 2014
What is the deadline for making a contribution to traditional IRA or a Roth IRA for 2013?
Jody is a physician (not covered by a retirement plan) with a salary of $40,000 from the hospital where she is employed. She supports her husband, Andre, who sells art work and has no earned income. Both are in their twenties. What is the maximum total amount that Jody and Andre may contribute to their IRAs and deduct for the 2013 tax year?
Married taxpayers, neither of whom is covered by a qualified retirement plan, with total adjusted gross income, all earned, of $85,000
Which of the following taxpayers qualifies for the maximum individual retirement account deduction for 2013?
He is subject to penalties on the IRA withdrawal because the medical bill was not greater than 10 percent of his AGI.
Steven is 27 years old and has a total AGI of $110,000 in 2013. In 2013, he gets pneumonia and has a medical bill that totals $7,500. He withdraws $7,500 from his traditional IRA to pay for the bill. Which of the following is true?
Withdrawing up to $20,000 of first-time home-buying expenses
Choose the incorrect answer. Money removed from a traditional IRA is taxable as ordinary income and subject to a 10 percent penalty except for taxpayers who are:
Donald, a 40-year-old married taxpayer, has a salary of $55,000 and interest income of $6,000. What is the maximum amount Donald can contribute to a Roth IRA?
Under the Keogh plan provisions, deductible contributions to a qualified retirement plan on behalf of a self-employed individual whose net earned income is $20,000 are limited to:
Contributions by a self-employed individual to a Keogh plan for 2013 are limited to the lesser of 20 percent of net earned income or:
The contribution limits for SEPs (Simplified Employee Pension) are the lesser of 20 percent of net self-employment income or $51,000 for a self-employed taxpayer.
Which of the following statements is correct?
Defined benefit plan
Paul earns $55,000 during the current year. His employer contributes $3,000 during the year to a qualified retirement plan on behalf of Paul. The amount of the contribution for the year is based on Paul’s desire to have a monthly retirement benefit of $3,500. What type of retirement plan is this?
Ursula is not required to include either the $2,000 contribution or the earnings thereon in her 2013 gross income.
Ursula, an employee of Ficus Corporation, is 35 years old and plans to retire in 20 years. The corporation has a qualified retirement plan and contributes $2,000 during 2013 for Ursula. How should Ursula treat the $2,000 contribution made on her behalf by the corporation?
Polly, age 45, participates in her employer’s Section 401(k) plan which allows employees to contribute up to 15 percent of their salary. Her annual salary is $100,000 in 2013. What is the maximum she can contribute to this plan on a tax-deferred basis under a salary reduction agreement?
There are no current-year tax consequences for a direct transfer.
Which of the following statements is true?
Assuming there are no unusual events, the taxpayer has a maximum of 60 days in which to transfer funds to a new plan.
Which of the following statements is true of a distribution rollover (not a trustee-to-trustee transfer) from a retirement plan?
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