Self-Study Education
for the Tax Professional
TaxEase, LLC
30 Years Experience in Tax Education
TaxEase will electronically report
the student's continuing education
hours to either or both the IRS and
CTEC upon successful completion of
this course.
2018 Corrections
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TaxEase has found 2 errors in the Update Questions, please use
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Affect orders placed prior to 6/15/2016
4.
TCJA included many changes to the itemized deductions, which of the
following
statements is not correct? For this question assume the total itemized
deductions are more
than the standard deduction.

A. Casualty losses that are declared by the Governor of a state are
allowed as a
deduction on the Federal Schedule A.
B. Expenses of a home office or part of the employee's home used
regularly and
exclusively for work are not allowed as a deduction in 2018.
C. Points related to home equity indebtedness are not a deduction in
2018
D. In 2018 if the taxpayer paid property taxes of $7,000 and had
withholding of state
income taxes in 2018 of $5,500, the total deduction on Schedule A will be
$10,000.

11. Under TCJA, for tax years beginning after December 31, 2017, and
before January 1, 2026,
excess business losses of a taxpayer other than a corporation are not
allowed for the tax
year. Which of the following is not correct regarding excess business
losses?

A. Excess business losses are carried forward and treated as part of the
taxpayer's net
operating loss carryforward in subsequent tax years.
B. The passive loss rules do not apply to this provision.
C. The present-law limitation relating to excess farm losses does not
apply.
D. NOL carryovers generally are allowed for a tax year up to the lesser of
the carryover
amount or 80 percent of taxable income determined without regard to the
deduction
for NOLs.