Exam 3: Tax Formula and Tax Determination; an Overview of Property Transactions
Exam 1: An Introduction to Taxation and Understanding Federal Tax Law194 Questions
Exam 2: Working With the Tax Law86 Questions
Exam 3: Tax Formula and Tax Determination; an Overview of Property Transactions187 Questions
Exam 4: Gross Income: Concepts and Inclusions124 Questions
Exam 5: Gross Income: Exclusions114 Questions
Exam 6: Deductions and Losses: in General155 Questions
Exam 7: Deductions and Losses: Certain Business Expenses and Losses124 Questions
Exam 8: Depreciation, Cost Recovery, Amortization, and Depletion103 Questions
Exam 9: Deductions: Employee and Self-Employed-Related Expenses178 Questions
Exam 10: Deductions and Losses: Certain Itemized Deductions106 Questions
Exam 11: Investor Losses111 Questions
Exam 12: Alternative Minimum Tax134 Questions
Exam 13: Tax Credits and Payment Procedures120 Questions
Exam 14: Property Transactions: Determination of Gain or Loss and Basis Considerations148 Questions
Exam 15: Property Transactions: Nontaxable Exchanges138 Questions
Exam 16: Property Transactions: Capital Gains and Losses78 Questions
Exam 17: Property Transactions: 1231 and Recapture Provisions74 Questions
Exam 18: Accounting Periods and Methods110 Questions
Exam 19: Deferred Compensation101 Questions
Exam 20: Corporations and Partnerships198 Questions
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Match the statements that relate to each other. Note: Some choices may be used more than once.
a.Not available to 65-year old taxpayer who itemizes.
b.Exception for U.S. citizenship or residency test (for dependency exemption purposes).
c.Largest basic standard deduction available to a dependent who has no earned income.
d.Considered for dependency exemption purposes.
e.Qualifies for head of household filing status.
f.A child (age 15) who is a dependent and has only earned income.
g.Considered in applying gross income test (for dependency exemption purposes).
h.Not considered in applying the gross income test (for dependency exemption purposes).
i.Unmarried taxpayer who can use the same tax rates as married persons filing jointly.j.Exception to the support test (for dependency exemption purposes).k.A child (age 16) who is a dependent and has only unearned income of $4,500.l.No correct match provided.
-Kiddie tax does not apply
(Short Answer)
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After Ellie moves out of the apartment she had rented as her personal residence, she recovers her damage deposit of $1,000. The $1,000 is not income to Ellie.
(True/False)
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Regarding dependency exemptions, classify each statement in one of the four categories:
a.Could be a qualifying child.
b.Could be a qualifying relative.
c.Could be either a qualifying child or a qualifying relative.
d.Could be neither a qualifying child nor a qualifying relative.
-A niece who lives with taxpayer, is 20 years old, earns $5,000, and is a full-time student.
(Short Answer)
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For the year a spouse dies, the surviving spouse is considered married for the entire year for income tax purposes.
(True/False)
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When the kiddie tax applies and the parents are divorced, the applicable parent (for determining the parental tax) is the one with the greater taxable income.
(True/False)
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Under what circumstances, if any, may an ex-spouse be claimed as a dependent?
(Essay)
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Match the statements that relate to each other. Note: Choice l. may be used more than once.
a.Available to a 70-year-old father claimed as a dependent by his son.
b.Equal to tax liability divided by taxable income.
c.The highest income tax rate applicable to a taxpayer.
d.Not eligible for the standard deduction.
e.No one qualified taxpayer meets the support test.
f.Taxpayer's ex-husband does not qualify.
g.A dependent child (age 18) who has only unearned income.
h.Highest applicable rate is 39.6%.
i.Applicable rate could be as low as 0%.j.Maximum rate is 28%.k.Income from foreign sources is not subject to tax.l.No correct match provided.
-Gain on collectibles (held more than one year)
(Short Answer)
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