Which of the Following Is a True Statement

question 78

Multiple Choice

Which of the following is a true statement?

• A)Traveling from a personal residence to a place of business is deducted for AGI as a moving expense.
• B)Traveling from a personal residence to a place of business is a miscellaneous itemized deduction subject to the 2 percent of AGI limitation.
• C)The standard mileage rate can be used to calculate the deduction for traveling from a personal residence to a place of business.
• D)Traveling from a personal residence to a place of business is deductible if reimbursed by an employer.
• E)Traveling from a personal residence to a place of business is nondeductiblE.Traveling from a personal residence to a place of business is a personal nondeductible expense even if reimbursed by an employer.

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Definitions:

Promissory Estoppel

A legal principle that prohibits a party from withdrawing a promise made to a second party if the latter has reasonably relied on that promise to their detriment.

Statute of Frauds

A legal concept that requires certain types of contracts to be in writing and signed by the party to be charged, in order to be legally enforceable.

Collateral Promise

A collateral promise is a secondary agreement that one party will assume responsibility for another's debt or obligation if that other party fails to fulfill it.

Secondary Obligations

Duties or liabilities that arise not from the primary contract but as a result of ancillary or supplementary agreements or circumstances.