Frank Is a Self-Employed CPA Whose 2017 Net Earnings from His

question 65

Multiple Choice

Frank is a self-employed CPA whose 2017 net earnings from his trade or business (before the H.R.10 plan contribution but after the deduction for one-half of self-employment taxes) is $240,000.What is the maximum contribution that Frank can make on his behalf to his H.R.10 (Keogh) plan in 2017?

• A)$67,500
• B)$48,000
• C)$54,000
• D)$60,000

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Definitions:

Chief Justice

The presiding judge in the supreme court of a country or state, representing the highest judicial authority.

Constitutionality

The quality or state of being in accordance with a nation's constitution, or the legality of actions measured against constitutional principles.

Civil Rights Bill

Legislation aimed at enforcing constitutional rights, particularly those relating to individuals' civil liberties and protections against discrimination.

Reconstruction

The period following the Civil War in the United States, focused on rebuilding the country and integrating Southern states back into the Union.