TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 4) Qualified residence interest must be acquisition indebtedness and be secured by the residence. 4) 12) 12) In the case of loans between related parties, without proper documentation the lender faces the risk that the IRS will reclassify the loan as a bonus. 17) In order to simplify recordkeeping, a self-employer taxpayer elects to use the federal per diem rate 17) for business travel expenses. This election eliminates the requirement of maintaining documentation of time, place and business purpose of the travel. 18) 18) A self-employed taxpayer is considered to be in travel status for temporary work assignments of two years or less. 30) 30) A taxpayer acquires an asset through a nontaxable exchange of a capital asset. The holding period of the new capital asset begins with the exchange date