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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For dependents who have income, special filing requirements apply.
(True/False)
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During 2017, Jackson had the following capital gains and losses:
a.How much is Jackson's tax liability if he is in the 15% tax bracket?
b.If his tax bracket is 33% (not 15%)?

(Essay)
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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.
-Scholarship funds for tuition
(Short Answer)
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During 2017, Sarah had the following transactions: Sarah's AGI is:


(Multiple Choice)
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Edgar had the following transactions for 2017:
What is Edgar's AGI for 2017?


(Essay)
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In early 2017, Ben sold a yacht, held for 9 months and for pleasure, for a $5,000 gain. Concerned about offsetting the gain before year-end, Ben is considering selling one of the following-each of which would yield a $5,000 loss:
∙ Houseboat used for recreation.
∙ Truck used in business.
∙ Stock investment held for 13 months.
Evaluate each choice.
(Essay)
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Married taxpayers who file a joint return cannot later (i.e., after the filing due date) switch to separate returns for that year.
(True/False)
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A child who has unearned income of $2,100 or less cannot be subject to the kiddie tax.
(True/False)
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Which, if any, of the following is a correct statement relating to the kiddie tax?
(Multiple Choice)
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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 daughter who does not live with taxpayer.
(Short Answer)
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In 2017, Cindy had the following transactions: Cindy's AGI is:


(Multiple Choice)
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During 2017, Lisa (age 66) furnished more than 50% of the support of the following persons: Presuming all other dependency tests are met, on a separate return how many personal and dependency exemptions may Lisa claim?


(Multiple Choice)
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Benjamin, age 16, is claimed as a dependent by his parents. During 2017, he earned $850 at a car wash. Benjamin's standard deduction is $1,400 ($1,050 + $350).
(True/False)
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Wilma, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2017, she had interest income of $2,500 and $800 of earned income from babysitting. Wilma's taxable income is:
(Multiple Choice)
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The additional standard deduction for age and blindness is greater for married taxpayers than for single taxpayers.
(True/False)
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Kim, a resident of Oregon, supports his parents who are residents of Canada but citizens of Korea. Kim can claim his parents as dependents.
(True/False)
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Married taxpayers who file separately cannot later (i.e., after the due date for filing) change to a joint return.
(True/False)
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Lena is 66 years of age, single, and blind and is not claimed as a dependent. How much gross income must she have before she is required to file a Federal income tax return for 2017?
(Essay)
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If an individual does not spend funds that have been received from another source (e.g., interest on municipal bonds), the unexpended amounts are not considered for purposes of the support test.
(True/False)
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The Deweys are expecting to save on their taxes for 2017. Not only have both incurred large medical expenses, but both reached age 65. During the year, they also recognized a $30,000 loss on some land they sold which was purchased as an investment several years ago. Are the Deweys under a mistaken understanding regarding their tax position? Explain.
(Essay)
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