Kirby is in the 15% tax bracket and had the following capital asset transactions during 2014: $\begin{array} { l } \text {Long-term gan fram the sale of a cain collection }&\$11,000\\ \text { Lone-term gain from the sale of a land investment}&10,000\\ \text {Short-term gain from the sale of a stock investment }&2,000\\ \\ \text {Kirby's tax cansequences fram these pains are as follows: }&\\ \end{array}$

A) $( 5 \% \times \$ 10,000 ) + ( 15 \% \times \$ 13,000 )$ B) $( 15 \% \times \$ 13,000 ) + ( 28 \% \times \$ 11,000 )$ C) $( 0 \% \times \$ 10,000 ) + ( 15 \% \times \$ 13,000 )$ D) $( 15 \% \times \$ 23,000 )$ E) $\text { None of these }$ A) $( 5 \% \times \$ 10,000 ) + ( 15 \% \times \$ 13,000 )$ B) $( 15 \% \times \$ 13,000 ) + ( 28 \% \times \$ 11,000 )$ C) $( 0 \% \times \$ 10,000 ) + ( 15 \% \times \$ 13,000 )$ D) $( 15 \% \times \$ 23,000 )$ E) $\text { None of these }$

During 2014,Addison has the following gains and losses: \[\begin{array} { l r } \text { LTCG } & 110,000 \\ \text { LTCL } & 3,000 \\ \text { STCG } & 2,000 \\ \text { STCL } & 7,000 \end{array}\] a.How much is Addison's tax liability if she is in the 15% tax bracket? b.If her tax bracket is 33% (not 15%)?

a.$0.After the initial netting process,t

Exam 3: Tax Formula and Tax Determination;an Overview of Property Transactions

Derek,age 46,is a surviving spouse.If he has itemized deductions of $12,700 for 2014,Derek should not claim the standard deduction.

(True/False)

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Question 61

All exclusions from gross income are reported on Form 1040.

(True/False)

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Question 62

During 2014,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%)?

(Short Answer)

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Question 63

Since an abandoned spouse is treated as not married and has one or more dependent children,he or she qualifies for the standard deduction available to head of household.

(True/False)

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Question 64

Surviving spouse filing status begins in the year in which the deceased spouse died.

(True/False)

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Question 65

Regarding the rules applicable to filing of income tax returns,which,if any,of the following is an incorrect statement:

(Multiple Choice)

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Question 66

Match the statements that relate to each other.Note: Choice L may be used more than once. -Surviving spouse

(Multiple Choice)

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Question 67

Regarding dependency exemptions,classify each statement in one of the four categories: -A granddaughter,who lives with taxpayer,is 19 years old,earns $5,000,and is not a full-time student.

(Multiple Choice)

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Question 68

Match the statements that relate to each other.Note: Choice L may be used more than once. -Resident of Canada or Mexico

(Multiple Choice)

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Question 69

Kyle,whose wife died in December 2011,filed a joint tax return for 2011.He did not remarry,but has continued to maintain his home in which his two dependent children live.What is Kyle's filing status as to 2014?

(Multiple Choice)

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Question 70

An individual taxpayer uses a fiscal year March 1February 28.The due date of this taxpayer's Federal income tax return is May 15 of each tax year.

(True/False)

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Question 71

Claude's deductions from AGI exceed the standard deduction allowed for 2014.Under these circumstances,Claude cannot claim the standard deduction.

(True/False)

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Question 72

Stealth taxes are directed at lower income taxpayers.

(True/False)

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Question 73

Kirby is in the 15% tax bracket and had the following capital asset transactions during 2014: Long-term gan fram the sale of a cain collection \1 1,000 Lone-term gain from the sale of a land investment 10,000 Short-term gain from the sale of a stock investment 2,000 Kirby's tax cansequences fram these pains are as follows:

(Multiple Choice)

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Question 74

Match the statements that relate to each other.Note: Choice L may be used more than once. -Multiple support agreement

(Multiple Choice)

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Question 75

Match the statements that relate to each other.Note: Choice L may be used more than once. -Gain on collectibles (held more than one year)

(Multiple Choice)

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Question 76

Regarding dependency exemptions,classify each statement in one of the four categories: -A niece who lives with taxpayer,is 20 years old,earns $5,000,and is a full-time student.

(Multiple Choice)

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Question 77

During 2014,Addison has the following gains and losses: LTCG 110,000 LTCL 3,000 STCG 2,000 STCL 7,000 a.How much is Addison's tax liability if she is in the 15% tax bracket? b.If her tax bracket is 33% (not 15%)?

(Essay)

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Question 78

Regarding head of household filing status,comment on the following: a.A taxpayer qualifies even though he maintains a household which he and the dependent do not share. b.A taxpayer does not qualify even though the person sharing the household is a dependent. c.The usual eventual filing status of a surviving spouse.

(Essay)

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Question 79

A child who is married cannot be subject to the kiddie tax.

(True/False)

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Question 80

Showing 61 - 80 of 188

Derek,age 46,is a surviving spouse.If he has itemized deductions of $12,700 for 2014,Derek should not claim the standard deduction.

All exclusions from gross income are reported on Form 1040.

During 2014,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%)?

Since an abandoned spouse is treated as not married and has one or more dependent children,he or she qualifies for the standard deduction available to head of household.

Surviving spouse filing status begins in the year in which the deceased spouse died.

Regarding the rules applicable to filing of income tax returns,which,if any,of the following is an incorrect statement:

Match the statements that relate to each other.Note: Choice L may be used more than once. -Surviving spouse

Regarding dependency exemptions,classify each statement in one of the four categories: -A granddaughter,who lives with taxpayer,is 19 years old,earns $5,000,and is not a full-time student.

Match the statements that relate to each other.Note: Choice L may be used more than once. -Resident of Canada or Mexico

Kyle,whose wife died in December 2011,filed a joint tax return for 2011.He did not remarry,but has continued to maintain his home in which his two dependent children live.What is Kyle's filing status as to 2014?

An individual taxpayer uses a fiscal year March 1February 28.The due date of this taxpayer's Federal income tax return is May 15 of each tax year.

Claude's deductions from AGI exceed the standard deduction allowed for 2014.Under these circumstances,Claude cannot claim the standard deduction.

Stealth taxes are directed at lower income taxpayers.

Match the statements that relate to each other.Note: Choice L may be used more than once. -Multiple support agreement

Match the statements that relate to each other.Note: Choice L may be used more than once. -Gain on collectibles (held more than one year)

Regarding dependency exemptions,classify each statement in one of the four categories: -A niece who lives with taxpayer,is 20 years old,earns $5,000,and is a full-time student.

During 2014,Addison has the following gains and losses: LTCG 110,000 LTCL 3,000 STCG 2,000 STCL 7,000 a.How much is Addison's tax liability if she is in the 15% tax bracket? b.If her tax bracket is 33% (not 15%)?

A child who is married cannot be subject to the kiddie tax.

An Introduction to Taxation and Understanding the Federal Tax Law

Working With the Tax Law

Gross Income: Concepts and Inclusions

Gross Income: Exclusions

Deductions and Losses: in General

Deductions and Losses: Certain Business Expenses and Losses

Depreciation, cost Recovery, amortization, and Depletion

Deductions: Employee and Self-Employed-Related Expenses

Deductions and Losses: Certain Itemized Deductions

Investor Losses

Alternative Minimum Tax

Tax Credits and Payment Procedures

Property Transactions: Determination of Gain or Loss and Basis Considerations

Property Transactions: Nontaxable Exchanges

Property Transactions: Capital Gains and Losses

Property Transactions: 1231 and Recapture Provisions

Accounting Periods and Methods

Deferred Compensation

Corporations and Partnerships

Filters

Exam 3: Tax Formula and Tax Determination;an Overview of Property Transactions

Derek,age 46,is a surviving spouse.If he has itemized deductions of $12,700 for 2014,Derek should not claim the standard deduction.

All exclusions from gross income are reported on Form 1040.

During 2014,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%)?

Since an abandoned spouse is treated as not married and has one or more dependent children,he or she qualifies for the standard deduction available to head of household.

Surviving spouse filing status begins in the year in which the deceased spouse died.

Regarding the rules applicable to filing of income tax returns,which,if any,of the following is an incorrect statement:

Match the statements that relate to each other.Note: Choice L may be used more than once. -Surviving spouse

Regarding dependency exemptions,classify each statement in one of the four categories: -A granddaughter,who lives with taxpayer,is 19 years old,earns $5,000,and is not a full-time student.

Match the statements that relate to each other.Note: Choice L may be used more than once. -Resident of Canada or Mexico

Kyle,whose wife died in December 2011,filed a joint tax return for 2011.He did not remarry,but has continued to maintain his home in which his two dependent children live.What is Kyle's filing status as to 2014?

An individual taxpayer uses a fiscal year March 1­February 28.The due date of this taxpayer's Federal income tax return is May 15 of each tax year.

Claude's deductions from AGI exceed the standard deduction allowed for 2014.Under these circumstances,Claude cannot claim the standard deduction.

Stealth taxes are directed at lower income taxpayers.

Match the statements that relate to each other.Note: Choice L may be used more than once. -Multiple support agreement

Match the statements that relate to each other.Note: Choice L may be used more than once. -Gain on collectibles (held more than one year)

Regarding dependency exemptions,classify each statement in one of the four categories: -A niece who lives with taxpayer,is 20 years old,earns $5,000,and is a full-time student.

During 2014,Addison has the following gains and losses: LTCG 110,000 LTCL 3,000 STCG 2,000 STCL 7,000 a.How much is Addison's tax liability if she is in the 15% tax bracket? b.If her tax bracket is 33% (not 15%)?

A child who is married cannot be subject to the kiddie tax.

An Introduction to Taxation and Understanding the Federal Tax Law

Working With the Tax Law

Gross Income: Concepts and Inclusions

Gross Income: Exclusions

Deductions and Losses: in General

Deductions and Losses: Certain Business Expenses and Losses

Depreciation, cost Recovery, amortization, and Depletion

Deductions: Employee and Self-Employed-Related Expenses

Deductions and Losses: Certain Itemized Deductions

Investor Losses

Alternative Minimum Tax

Tax Credits and Payment Procedures

Property Transactions: Determination of Gain or Loss and Basis Considerations

Property Transactions: Nontaxable Exchanges

Property Transactions: Capital Gains and Losses

Property Transactions: 1231 and Recapture Provisions

Accounting Periods and Methods

Deferred Compensation

Corporations and Partnerships

Filters

An individual taxpayer uses a fiscal year March 1February 28.The due date of this taxpayer's Federal income tax return is May 15 of each tax year.