Exam 18: Determination of Tax
Exam 1: Tax Research114 Questions
Exam 2: Corporate Formations and Capital Structure123 Questions
Exam 3: the Corporate Income Tax127 Questions
Exam 4: Corporate Nonliquidating Distributions113 Questions
Exam 5: Other Corporate Tax Levies103 Questions
Exam 6: Corporate Liquidating Distributions107 Questions
Exam 7: Corporate Acquisitions and Reorganizations108 Questions
Exam 8: Consolidated Tax Returns104 Questions
Exam 9: Partnership Formation and Operation116 Questions
Exam 10: Special Partnership Issues107 Questions
Exam 11: S Corporations103 Questions
Exam 12: The Gift Tax105 Questions
Exam 13: The Estate Tax107 Questions
Exam 14: Income Taxation of Trusts and Estates105 Questions
Exam 15: Administrative Procedures104 Questions
Exam 16: Ustaxation of Foreign-Related Transactions97 Questions
Exam 17: An Introduction to Taxation109 Questions
Exam 18: Determination of Tax152 Questions
Exam 19: Gross Income: Inclusions144 Questions
Exam 20: Gross Income: Exclusions116 Questions
Exam 21: Property Transactions: Capital Gains and Losses147 Questions
Exam 22: Deductions and Losses146 Questions
Exam 23: Itemized Deductions130 Questions
Exam 24: Losses and Bad Debts125 Questions
Exam 25: Employee Expenses and Deferred Compensation151 Questions
Exam 26: Depreciation, cost Recovery, amortization, and Depletion106 Questions
Exam 27: Accounting Periods and Methods124 Questions
Exam 28: Property Transactions: Nontaxable Exchanges125 Questions
Exam 29: Property Transactions: Sec1231 and Recapture115 Questions
Exam 30: Special Tax Computation Methods, tax Credits, and Payment of Tax147 Questions
Exam 31: Tax Research133 Questions
Exam 32: Corporations149 Questions
Exam 33: Partnerships and S Corporations150 Questions
Exam 34: Taxes and Investment Planning84 Questions
Select questions type
Paige is starting Paige's Poodle Parlor and is considering alternative organizational forms.She anticipates the business will earn $100,000 from operating before compensating her for her services and before charitable contributions.Page,who is single,has $6,000 of income from other sources and other itemized deductions of $12,000.Her compensation for services will be $50,000.Charitable contributions to be made by the business are expected to be $5,000.Other distributions (dividends)to her from the business are expected to be $14,000.
Required: Compare her current income tax assuming she operates the business as a proprietorship,an S corporation,and a C corporation.Ignore payroll and other taxes.
(Essay)
4.9/5
(31)
Husband and wife,who live in a common law state,are eligible to file a joint return for 2017,but elect to file separately.They do not have dependents.Wife has adjusted gross income of $25,000 and has $2,200 of expenditures which qualify as itemized deductions.She is entitled to one exemption.Husband deducts itemized deductions of $11,200.What is the taxable income for the wife?
(Multiple Choice)
4.8/5
(40)
Deborah,who is single,is claimed as a dependent on her parents' tax return.She had a part-time job during 2017 and earned $850 during the year,which was her only income.What is her standard deduction?
(Multiple Choice)
4.7/5
(39)
Adam attended college for much of 2017,during which time he was supported by his parents.Erin married Adam in December 2017.They live in a common law state.Adam graduated and will commence work in January 2018.Erin worked during 2017 and earned $20,000.Adam's only income was interest of $1,100.Adam's parents are in the 28% tax bracket.Thus,claiming Adam as a dependent would save them $1,134 ($4,050 × .28).
a.What is Erin and Adam's tax liability if they file a joint return?
b.What is Erin and Adam's total tax liability if they file separate returns and Adam's parents claim him as a dependent?
(Essay)
4.8/5
(41)
Ryan and Edith file a joint return showing $130,000 of AGI.They have three dependent children ages 7,9,and 13.What is the amount of their child credit?
(Multiple Choice)
4.8/5
(39)
Vincent,age 12,is a dependent of his parents.During 2017,Vincent's earned income from wages is $2,600 and Vincent received $3,000 of interest income.The parent's marginal rate is 28% and Vincent's marginal rate is 10%.Vincent's tax is
(Multiple Choice)
4.8/5
(47)
For purposes of the dependency exemption,a qualifying child must be under age 19,a full-time student under age 24,or a permanently and totally disabled child.
(True/False)
4.8/5
(36)
Bill and Tessa have two children whom they support and who live in their home.Timmy is 17 and has earned income of $5,000 for the year.Their other child,Tommy,is 15.Tessa's mother also lives with them and may be claimed as their dependent.She is 89 years old.Their adjusted gross income is $130,000.
Required: Compute Bill and Tessa's taxable income for 2017 if they file a joint return and they do not itemize deductions.
(Essay)
4.8/5
(45)
Which of the following dependent relatives does not have to live in the same household as the taxpayer who is claiming head of household filing status?
(Multiple Choice)
4.8/5
(32)
Tax returns from individual taxpayers and partnerships are due on the 15th day of the fourth month following the close of the tax year.
(True/False)
4.8/5
(41)
Discuss reasons why a married couple may choose not to file a joint return.
(Essay)
4.9/5
(31)
Avi and Rianna are considering marriage before year-end.They each earn a salary of about $150,000,have some investment income and some itemized deductions.What additional taxes will Avi and Rianna face as a married couple?
(Essay)
4.8/5
(39)
Assuming a calendar tax year and the conventional 15th of the month due date,all of the following business entities must file their 2017 tax returns by the March 15,2018 except
(Multiple Choice)
4.8/5
(36)
The filing status in which the rates increase most rapidly is
(Multiple Choice)
5.0/5
(38)
The amount of Social Security tax paid by the taxpayer will be a consideration in determining the refundable component of the child credit for larger families.
(True/False)
4.8/5
(39)
Although exclusions are usually not reported on an individual's income tax return,interest income on state and local government bonds must be reported on the tax return.
(True/False)
4.8/5
(37)
A building used in a business is sold after five years of use for a gain.The gain will be treated as a long-term capital gain.
(True/False)
4.7/5
(36)
Shane and Alyssa (a married couple)have AGI of $345,000 in 2017.They bought a house this year and paid $16,000 of interest expense on the mortgage and paid $6,500 of property taxes.They will be allowed a deduction from AGI of
(Multiple Choice)
4.7/5
(37)
Suri,age 8,is a dependent of her parents and has unearned income of $6,000.She must file her own tax return.
(True/False)
4.8/5
(42)
Showing 41 - 60 of 152
Filters
- Essay(0)
- Multiple Choice(0)
- Short Answer(0)
- True False(0)
- Matching(0)