In 2016,the U

question 108

Multiple Choice

In 2016,the U.S.President declared a federal disaster due to the flooding in North Carolina.Dan lives in that area and lost his home in the flood.What choice does he have regarding when he can claim the loss on his tax return?

• A)It must be claimed in 2015 if the return has not been filed by the date of the loss.
• B)It may be claimed in 2017 if an election is filed with the 2016 return.
• C)It must be claimed in 2016 if the loss is greater than the modified adjusted gross income.
• D)It may be claimed in 2015 or 2016.

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Definitions:

Time-Driven Activity-Based Costing

A refinement of activity-based costing that assigns costs based on the time resources are actually used for activities, rather than on predetermined allocations.

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Routing Calls

The process of directing phone calls to the appropriate destination or department within a telecommunication setup or customer service system.

Time-Driven Activity Rate

A costing method that calculates the cost of business activities based on the duration it takes to complete them, using time as a driving factor.