Question 1

An individual may never be considered as both a qualifying relative and a qualifying child of the same taxpayer.

Accepted Answer

A) True 
 B)False

Question 2

A taxpayer may not qualify for the head of household filing status if she does not have any dependent children.

Accepted Answer

A) True 
 B)False

Question 3

Lydia and John Wickham filed jointly in year 1. They divorced in year 2. Late in year 2, the IRS discovered that the Wickham's underpaid their year 1 taxes by $2,000. Both Lydia and John worked in year 1 and received equal income but John had $2,000 less tax withheld than did Lydia. Who is legally liable for the tax underpayment?

Accepted Answer

A)  Lydia. 
B)  John. 
C)  Both Lydia and John. 
D)  Neither Lydia nor John. 
A)  Lydia. 
B)  John. 
C)  Both Lydia and John. 
D)  Neither Lydia nor John.

Question 4

An individual with gross income of $5,000 could qualify as a qualifying child of another taxpayer but could not qualify as a qualifying relative of another taxpayer.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following series of inequalities is generally most accurate?

Accepted Answer

A)  Gross income ≥ adjusted gross income ≥ taxable income 
B)  Adjusted gross income ≥ gross income ≥ taxable income 
C)  Adjusted gross income ≥ taxable income ≥ gross income 
D)  Gross income ≥ taxable income ≥ adjusted gross income 
A)  Gross income ≥ adjusted gross income ≥ taxable income 
B)  Adjusted gross income ≥ gross income ≥ taxable income 
C)  Adjusted gross income ≥ taxable income ≥ gross income 
D)  Gross income ≥ taxable income ≥ adjusted gross income

An individual may never be considered as both a qualifying relative and a qualifying child of the same taxpayer.

A taxpayer may not qualify for the head of household filing status if she does not have any dependent children.

An individual with gross income of $5,000 could qualify as a qualifying child of another taxpayer but could not qualify as a qualifying relative of another taxpayer.

Which of the following series of inequalities is generally most accurate?

An Introduction to Tax

Tax Compliance, the IRS, and Tax Authorities

Tax Planning Strategies and Related Limitations

Gross Income and Exclusions

Individual Deductions

Investments

Individual Income Tax Computation and Tax Credits

Business Income, Deductions, and Accounting Methods

Property Acquisition and Cost Recovery

Property Dispositions

Compensation

Retirement Savings and Deferred Compensation

Tax Consequences of Home Ownership

Entities Overview

Corporate Operations

Accounting for Income Taxes

Corporate Taxation: Nonliquidating Distributions

Corporate Formation, Reorganization, and Liquidation

Forming and Operating Partnerships

Dispositions of Partnership Interests and Partnership Distributions

S Corporations

State and Local Taxes

The Us Taxation of Multinational Transactions

Transfer Taxes and Wealth Planning

Filters

Exam 4: Individual Income Tax Overview, Dependents, and Filing Status

An individual may never be considered as both a qualifying relative and a qualifying child of the same taxpayer.

A taxpayer may not qualify for the head of household filing status if she does not have any dependent children.

An individual with gross income of $5,000 could qualify as a qualifying child of another taxpayer but could not qualify as a qualifying relative of another taxpayer.

Which of the following series of inequalities is generally most accurate?

An Introduction to Tax

Tax Compliance, the IRS, and Tax Authorities

Tax Planning Strategies and Related Limitations

Gross Income and Exclusions

Individual Deductions

Investments

Individual Income Tax Computation and Tax Credits

Business Income, Deductions, and Accounting Methods

Property Acquisition and Cost Recovery

Property Dispositions

Compensation

Retirement Savings and Deferred Compensation

Tax Consequences of Home Ownership

Entities Overview

Corporate Operations

Accounting for Income Taxes

Corporate Taxation: Nonliquidating Distributions

Corporate Formation, Reorganization, and Liquidation

Forming and Operating Partnerships

Dispositions of Partnership Interests and Partnership Distributions

S Corporations

State and Local Taxes

The Us Taxation of Multinational Transactions

Transfer Taxes and Wealth Planning

Filters