TAX FINAL EXAM

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In 2013, Maggie purchased 1,000 shares in a mutual fund for $5,200. Maggie participates in a dividend reinvestment program. Her reinvested dividends were: 2013: $480 2014: $500 2015: $520 At year end, Maggie held a total of 1,250 shares (1,000 from the original purchase plus 250 through the dividend reinvestment plan.) At this time, she sold 100 shares for $736. Assume Maggie uses an average cost method, determine her total basis for the 100 shares sold and the gain on the sale.

Basis: $536; Gain: $200 Reason: Basis: $5,200 + $480 + $500 + $520 = $6,700. $6,700/1,250 share = $5.36/share. Total basis for 100 shares = $536. Gain: $736 - $536 = $200.

Mr. and Mrs. Gupta want to make cash gifts to each of their four children, the children's four spouses, and three grandchildren. Compute the total amount that the Guptas can transfer to their younger-generation family members without making a taxable gift for the year. a) $105,000 b) $210,000 c) $165,000 d) $330,000

In 2011, Juan began purchasing shares in Pet Products, Inc. each month. This month, Juan sold half of his investment in Pet Products, Inc. Which of the following statements accurately describes the method Juan is permitted for tracking the basis in his investment in Pet Products?

Because Juan purchased shares over many months and cannot identify the basis of each share, he may use average cost or FIFO for tracking basis.

Which of the following statements about financial assets is true?

Because taxation occurs upon disposal of an invested asset, investors are able to defer taxation on wealth increases from appreciation.

Which of the following is not a benefit of studying the tax research process for beginning tax students?

Becoming a tax expert ready to address complex tax issues

Which of the following statements regarding gathering client facts is true?

Before beginning tax research, a researcher should discuss details of the transaction with the client to ascertain their goals for the transaction.

Brianna has a 25% marginal tax rate. She is offered the following option: A refundable tax credit of $1,000 or an additional itemized deduction of $3,000. Assuming that her itemized deductions exceed the standard deduction, the value of the credit is $ and the value of the deduction is $

Blank 1: 1,000 or 1000 Blank 2: 750

Phillip recognized the following capital gains and losses this year: Short-term capital gain: $12,000 Short-term capital loss: ($6,000) Long-term capital gain: $43,000 Long-term capital loss: (60,000) If AGI before consideration of these gains and losses is $140,000, Phillip will report AGI of $ on his Form 1040 and will carry forward a capital loss of $.

Blank 1: 137,000 or 137000 Blank 2: 8000 or 8,000

Ms. Barrett purchased 1,000 shares of Tillman stock for a price of $14,000 ($14/share). The fees associated with the transaction were $60. The following year, Ms. Barrett sold this investment for $12,600 and incurred additional fees of $70 on the sale. Ms.Barrett's basis in the investment is $, and she realized a $ (gain/loss) on the sale.

Blank 1: 14060 or 14,060 Blank 2: 1,530 or 1530 Blank 3: loss

John and his father invested in a rental property. They have agreed to have an equal interest in the investment. The property costs $200,000. John contributes $80,000 and his father contributes $120,000. For gift tax purposes, his father is deemed to have made a $ gift to John.

Blank 1: 20000 or 20,000

Ms. Meade reports the following income: Salary: $210,000 Interest and qualified dividend income: $5,000 Suspended passive loss from previous years: $6,000 Passive income from rental activities: $4,200 Ms Meade's AGI is $, and she has a suspended passive loss of $.

Blank 1: 215000 or 215,000 Blank 2: 1800 or 1,800

Molly was employed by Inside Interiors from January to July, earning $70,000 and with Middlebrook Designs from August to December, earning $100,000. For 2019, her excess social security credit is $

Blank 1: 2300 or 2,300

Mr. and Mrs. Grekas had the following tax information for 2019: 2018 AGI $140,000 2018 Tax liability $26,200 2019 Estimated AGI $140,000 2019 Estimated tax liability $32,000 To avoid an underpayment penalty, Mr. and Mrs. Grekas must pay $ towards their 2019 tax liability by April 15, 2020.

Blank 1: 26200 or 26,200

Ryland is a single taxpayer with a 32% marginal tax rate. Each year, his itemized deductions include $3,000 in property taxes and a $6,500 donation to his university, thus he typically does not exceed the standard deduction. If Ryland decides to bunch his deductions by donating $13,000 to his university every other year instead of $6,500 annually, his total deductions over two years will increase by $, and it will result in a total tax savings of $

Blank 1: 3,800 or 3800 Blank 2: 1216 or 1,216

Mr. and Mrs. Ricketts have determined that their assets have accumulated beyond what they will need in retirement. They would like to use the annual gift tax exclusion to distribute cash to their children and their families. They have two married children and a total of six grandchildren. The maximum they may distribute under the annual gift tax exclusion is $.

Blank 1: 300000 or 300,000

Mr. and Mrs. Wyatt report $350,000 of AGI which includes salaries of $320,000, net profit of $22,000 from Ms.Wyatt's cake decorating business, capital gains of $3,000, and dividend income of $5,000. Their Medicare contribution tax is $.

Blank 1: 304

Jim is single. His AMTI is $610,300. He is entitled to an AMT exemption of $

Blank 1: 46,700 or 46700

Jim is single. His AMTI is $610,300. He is entitled to an AMT exemption of $.

Blank 1: 46,700 or 46700

Allie is single with no dependent children. Her 2019 tax information is as follows: Wages $60,000 Dividends 500 Itemized Deductions 4,000 Allie's AGI is $ and her taxable income is $

Blank 1: 60500 Blank 2: 48300

This year, Ms. Richtor had $7,200 of net investment income which included $500 of investment related expenses. She considered the following income items in her computation of net investment income. $6,000 qualified dividend income $200 municipal bond interest $5,700 interest from corporate bonds $2,000 short-term capital gains Ms Richtor also paid $13,100 of investment interest expense. Assuming Ms. Richtor elected to take advantage of a preferential rate whenever possible, her deduction for investment interest expense is $.

Blank 1: 7,200 or 7200

Riley, an unmarried taxpayer, reports $220,000 of AGI which includes his salary of $180,000, $22,000 in dividend income, and $18,000 in capital gains. He has no related investment activities. His Medicare contribution tax is $.

Blank 1: 760

To avoid an underpayment penalty, a taxpayer is required to make timely payments of at least % of their current tax liability or meet the safe-harbor estimate provisions. The threshold for the safe-harbor estimate is % of prior year taxes for taxpayers with AGI less than $150,000 and % for taxpayers above that threshold.

Blank 1: 90 Blank 2: 100 Blank 3: 110

Erik and Francesca are married with a newborn daughter. Their 2019 tax information is as follows: Wages $60,000 Qualified Business Income from sole proprietorship 40,000 Itemized deductions 14,000 Allowable deduction for self employment tax 2,826 Erik and Francesca's AGI is $ and their taxable income is $

Blank 1: 97,174 or 97174 Blank 2: 64774 or 64,774

In 2019, Julia and Rob are both unmarried and file as single taxpayers. Julia's individual tax liability is $22,500 and Rob's is $32,000. If Julia and Rob were married, they would file jointly and their joint tax would be $60,000 which is $5,500 more than the amount computed by adding their individual tax liabilities together. This illustrates the present in the U.S. federal income tax structure.

Blank 1: marriage Blank 2: penalty

Mr. and Mrs. Backlund file a joint return. They provide more than 50% support for their three children, Lindsay (age 27, full-time college student, earned $10,000 from part-time job), Louisa (age 21, full-time college student, earned $17,000 from part-time job) and John (age 17, earned no income). All three children live full time in the Backlund's home. Which of the following statements is true?

Both John and Louisa are qualifying children of the Backlunds.

Which of the following statements regarding the Discriminate Function System (DIF) score is false?

Both individual taxpayers and corporations are assigned DIF scores.

Twenty years ago, Mrs. Cole purchased an insurance policy on her own life. Mrs. Cole died this year, and the policy paid the $300,000 death benefit to her son Jeffrey. During her life, Mrs. Cole paid total premiums of $71,200 on the policy. Which of the following statements is true? a) Jeffrey must recognize the $300,000 payment as ordinary income. b) Jeffrey must recognize $228,800 of the $300,000 payment as capital gain. c) Jeffrey can exclude the $300,000 payment from gross income. d) Jeffrey must recognize $228,800 of the $300,000 payment as ordinary income.

Taxpayers who disagree with all or any part of the outcome of a tax audit may elevate the issue to the _____ Office of the IRS.

Appeals

Which of the following best reflects a valid legal path for a tax dispute?

Appeals Office of IRS; Tax Court; U.S. Circuit Court of Appeals; Supreme Court

Lara filed her 2018 Form 1040 on March 16, 2019. Assuming that she does not have any significant errors, the latest date that the IRS may assess any additional 2018 tax is ______.

April 15, 2022

Which of the following reflects the due dates for quarterly estimated tax payments?

April 15; June 15; September 15; January 15 of the following year

Which of the following reflects the typical due dates for quarterly estimated tax payments?

April 15; June 15; September 15; January 15 of the following year

Which of the following statements about investment property is false? a) The term securities includes corporate stock, certificates of deposit, notes, bonds, and other debt instruments. b) Interest and dividends are taxed at the same rate as long-term capital gain. c) Interest on private activity bonds issued by a state or local government is excluded from ordinary income. d) A mutual fund is a diversified portfolio of securities owned and managed by a regulated investment company.

Which of the following statements about Section 1244 stock is false?

Gain recognized on the sale of Section 1244 stock is always taxed at the taxpayer's marginal tax rate. Reason: The maximum tax rate on gains from Section 1244 stock is 28%. However, a portion of the gain may be exempt from taxation altogether.

Which of the following is not a responsibility of an IRS service center?

Granting filing extensions to taxpayers

Which of the following is not a responsibility of an IRS service center? Choose the best answer.

Granting filing extensions to taxpayers

Which of the following statements about the dependent credit is false?

High income taxpayers are not eligible for the credit.

Which of the following are typical nontax costs that may offset the preferential tax treatment of annuities and life insurance contracts? (Select all that apply.)

Higher commissions and fees than nontax favored investments Fees for surrendering policies prior to the first annuity payment

Marcus is a single taxpayer. His AGI is $75,500 and his itemized deductions total to $7,500. Which of the following statements is true?

His itemized deductions yield no tax benefit.

Bob Kranske died this year. This year, his taxable income is $225,000, which reflects a 32% marginal tax rate. During his lifetime, he made taxable gifts that were far in excess of the lifetime exclusion. Mr. Kranske's taxable estate is $22.4 million. Which of the following statements is true?

His taxable estate is subject to a 40% tax rate.

Which of the following expenditures are qualified medical expenses?

Hospital costs Costs of dental care Long-term care insurance premiums Prescription drugs Crutches Chiropractor costs

Mr. Adams purchased 200 shares of Tyco stock for $10/share. Broker's fees were $20 for the entire purchase. Three years later, Mr. Adams sold this investment for $15/share less a broker's fee of $20. Determine Mr. Adam's basis in the stock and gain on the sale.

Basis: $2,020; Gain: $960 Reason: Basis: (200 × $10) + $20 = $2,020. Proceeds from sale: (200 × $15) -$20 = $2,980. Gain: $2,980 - $2,020 = $960.

Brock Company made a new public offering of 1-year corporate bonds with 2% stated rate of interest. Ashley purchased for $18,000 Brock Company bonds with a face value of $20,000, reflecting a $2,000 discount. Ashley will receive annual interest payments of $400. Which of the following statements are true regarding the tax consequences of this investment? (Select all that apply.)

If Ashley redeems the bonds for the face value at maturity, the redemption will not result in any taxable income. Ashley will recognize the $400 of interest income each year as it is received.

Ryan owns a beach front condo which he rents to vacationers. Which of the following statements is false?

If Ryan materially participates in the management of this property, the income will not be passive.

Which of the following statements is false regarding the tax consequences associated with life insurance policies? (Select all that apply.)

If a policy is redeemed prior to the death of the insured, the total cash surrender value is taxed as ordinary income. Reason: The cash surrender value in excess of premiums paid is taxed as ordinary income.

The Hamiltons had the following tax information for 2019: 2018 GI $180,000 2018 Tax liability $36,200 2019 Estimated AGI $200,000 2019 Estimated tax liability $36,000 Which of the following statements is false regarding their 2019 tax obligation?

If the Hamiltons choose not to rely on their estimates, they may avoid an underpayment penalty if they pay $36,200 by April 15, 2020.

Mrs. Linn exchanged 200 shares of Necker, Inc. common stock for 300 shares of Granger Corporation stock. Mrs. Linn's basis in Necker stock was $12,200 and the FMV of Granger stock was $22,000 on the date of the exchange. Which of the following statements is false?

If the exchange is pursuant to a reorganization involving both companies, Ms. Linn's basis in Granger stock is $22,000.

Which of the following statements about the tax litigation process is false?

If the government loses a tax case at the trial level, the government may appeal the decision to the U.S. Supreme Court.

Which of the following statements about the U.S. Tax Court is false?

Individuals may request a jury trial in Tax Court.

Which of the following statements about a tax deficiency is false?

Individuals who pay interest on the deficiency may deduct the interest as an itemized deduction.

Match the term with the correct description.

Inside build up- The increase in the cash surrender value Cash surrender value-Reflects the investment element available to the policyholder should the policy be liquidated prior to the death of the insured Premiums- The payment or series of payments to secure an insurance contract

Which of the following statements about payment of taxes is false?

Investment brokers are required to withhold tax on all investment income.

Which of the following statements is true regarding the deductibility of investment interest expense?

Investment interest expense is deductible only to the extent of net investment income.

Which of the following situations does not reflect a passive ownership interest?

Jim and Jerry own a management company. Owners hire them to manage their rental property.

For the current year, John reports the following information: Salary (from W-2): $95,000 Rent received from lease of rental home: $24,000 Maintenance cost for rental home: $10,000 Property tax on rental home: $2,000 Purchase of new air conditioning unit for rental home: $6,000 Depreciation expense on air conditioning unit: $1,200 Which of the following statement is false?

John will report $10,800 net profit from rental activities in AGI. Reason: Rent of $24,000 less deductible expenses of $13,200 for a profit of $10,800. Deductible expenses include maintenance ($10,000), property taxes ($2,000), and depreciation ($1,200).

Jeff filed his 2019 Form 1040 on June 16, 2020 after applying for an extension of time to file. Assuming that he does not have any significant errors, the latest date that the IRS may assess any additional 2019 tax is (month/day/year)

June 16 2021

This year, Kris paid $8,000 of interest on funds borrowed to purchase securities for her investment portfolio. Her AGI was $90,000 which included $5,000 of net investment income. Which statement best describes her tax situation related to investment interest expense?

Kris may deduct $5,000 of investment interest expense as an itemized deduction and carryforward the remaining $3,000.

Which of the following statements is true about a decedent's estate?

Life insurance death benefits paid upon the death of the insured to a named beneficiary are included in the taxable estate.

Which of the following statements regarding preferential rates on capital gains is false?

Long-term capital gains have always been taxed at lower rates than ordinary income.

Which of the following personal expenses are generally not deductible?

Lunch during the workday Utility costs for personal residence Membership at a gym

Mario and Maria Moreno have no children of their own. However, their niece, Lupe, lives with them, and they provide more than one-half of her financial support. Which describes a scenario in which the Moreno's may not consider Lupe a qualifying child?

Lupe is 22 years old, lives with the Morenos full time, and is not a full-time student.

Last year, Lyle acquired an ownership interest in a partnership. He does not materially participate. Last year, he was allocated a $10,000 loss. This year, Lyle made the decision to dispose of the ownership interest. Which of the following statements is true?

Lyle will deduct the suspended loss in the current year.

Lynn owns and manages an apartment complex. This year, the complex generated a $40,000 net loss. Her AGI before consideration of this loss is $65,000 (none of which includes passive income). Which of the following statements best describes the tax consequence of the rental income?

Lynn may deduct $25,000 and report $40,000 AGI. Reason: Because Lynn's AGI is less than $100,000, she may deduct $25,000 of the rental loss currently. The remaining $15,000 is suspended and carried forward to a future year.

Which of the following is not a proper citation to a primary authority?

M-5800 Activities Not Engaged in for Profit

Mr. and Mrs. Cain were assessed a $2,755 tax deficiency. Which of the following does not describe a step that the IRS may take to collect the deficiency?

Make arrangements for the Cains to pay the deficiency off over the next 7 years

Marilu was married to Mark Amend until they divorced in December, 2019. In 2020, the IRS determined that they had underreported taxes of $8,000 in 2018. In which case would Marilu most likely be relieved of the liability for underpayment under the innocent spouse rule?

Mark concealed the omission from Marilu.

Which of the following statements regarding discounts related to debt obligations is false?

Market discounts and original issue discounts on debt obligations are subject to the same tax treatment.

Which of the following statements is false?

Married individuals must file a joint return.

Kristen and Austin married in 2012. They have no children. Kristen died on January 2, 2018. Which tax rates will Austin use for 2018 and 2019?

Married, filing jointly for 2018 and single for 2019

Jennifer and Justin were married with two young children. Justin died during 2018. Which tax rates will Jennifer use for 2018 and 2019?

Married, filing jointly for both tax years

Which of the following statements about material participation is true?

Material participation means that the owner is involved in the day-to-day operations on a regular, continuous, and substantial basis.

Michael, an enrolled agent, prepares the Furman's Form 1040. His fee is $1,500. This year, the return was audited and the agent determined that itemized deductions were overstated, resulting in a $2,500 tax deficiency. Furthermore, the agent concluded that Michael had no reasonable cause for the position he took in reporting these deductions. However, the agent stopped short of calling the understatement willful and reckless conduct. Which of the following statements is true?

Michael is subject to a $1,000 preparer penalty.

In 2008, Mike Walters purchased a life insurance policy that would pay a $250,000 death benefit to his beneficiary, his daughter Lana. Since he established the policy, Mike has paid $44,000 in premiums. This year, Mike liquidated the policy for the $52,000 cash surrender value. Which of the following statements is true?

Mike recognizes $8,000 of ordinary income upon liquidation. Reason: Mike recognizes $8,000 of ordinary income upon liquidation -- the $52,000 cash surrender value in excess of the $44,000 in premiums paid.

Which of the following is not an advantage of accessing tax research resources through electronic libraries?

More resources are available electronically than in a traditional library.

Mr. Chen owns and manages several rental properties. This year, his business generated a $36,000 loss. His AGI before consideration of this loss is $124,000 (none of which includes passive income). Which of the following statements best describes the tax consequence of the rental income?

Mr. Chen may deduct $13,000 and $23,000 is suspended. Reason: Mr. Chen's ability to deduct rental loss is limited because his AGI exceeds $100,000. The limitation is $12,000 (half the excess over $100,000). Therefore, Mr. Chen may deduct $13,000 ($25,000 - $12,000).

A revenue agent audited two items on Mr. Wiley's federal income tax return. The agent determined that both items were in error, resulting in a $2,000 tax deficiency related to his charitable contributions and a $3,000 deficiency related to his reported rental activity. The agent further determined that deficiency on the rental income was due to a blatant misrepresentation of income and imposed a negligence penalty. Which of the following statements reflect Mr. Wiley's tax obligation related to this audit?

Mr. Wiley owes the $5,000 deficiency. Mr. Wiley owes interest on the $5,000 deficiency. Mr. Wiley owes a $600 negligence penalty.

Three years ago, Ms. Plummer loaned $15,000 to XXY partnership in exchange for an interest bearing note. This year, XXY dissolved and announced to its creditors that it was insolvent and unable to pay its creditors. Which of the following statements is true?

Ms. Plummer may deduct $15,000 as a capital loss.

Ms. Tebow paid $4,200 in interest expense on a mortgage related to her investment in undeveloped land and $2,000 in property taxes. Her AGI is $120,000 which includes $3,200 of interest income. Which of the following statements is false?

Ms. Tebow may currently report $4,200 of investment interest expense.

Match the term with the description.

Mutual fund-A diversified portfolio on securities RIC-A company that owns and manages mutual funds Securities- Financial assets in the form of equity interest

Which of the following is false regarding AGI?

No deductions are included in the computation of AGI.

Which of the following statements about the gift tax is true?

No gift tax is paid until the total of all gifts by a taxpayer exceeds the lifetime exclusion amount ($5 million indexed annually).

Which of the following are topically-arranged commercial tax services?

Tax Management Portfolios Federal Tax Coordinator 2d

Which of the following is false regarding the computation of federal income tax?

Tax is computed by applying the tax rate tables to AGI.

Which of the following could potentially meet the requirements of a qualifying child under the dependency rules? (Select all that apply.)

Taxpayer's sister or brother Taxpayer's niece or nephew Taxpayer's child Taxpayer's grandchild

Which of the following are types of administrative authority?

Technical advice memoranda Revenue rulings

Which of the following does not reflect initiatives that Congress has implemented for the direct benefit of taxpayers?

The Discriminate Function System Score

Mr. and Mrs. Henley could not complete their 2019 Form 1040 before April 15, 2020. They estimate that they will owe a balance of $2,500 with the return. Which of the following statements is true?

The Henleys can file an extension request by April 15 to extend the filing deadline six months, but they must pay the balance with the request.

Mr. and Mrs. Henley could not complete their 2020 Form 1040 before April 15, 2021. (Ignore filing extension under the Cares Act.) They estimate that they will owe a balance of $2,500 with the return. Which of the following statements is true?

The Henleys can file an extension request by April 15 to extend the filing deadline six months, but they must pay the balance with the request.

Which of the following statements is false regarding extensions to file a federal income tax return?

The IRS applies criteria established by the courts in determining whether the extension will be granted.

Mr. and Mrs. Thomas filed a joint return prepared by Mrs.Thomas and signed by both taxpayers. Upon audit, the IRS determined that their Form 1040 contained a significant understatement of tax. Which of the following statements is false?

The IRS cannot consider personal circumstances when determining how to allocate the deficiencies.

Which of the following statements is true regarding the obligation to pay interest?

The IRS may be required to pay interest on a income tax overpayment.

Which of the following statements is true about the audit process for tax returns?

The IRS regularly discloses factors assessed when assigning a discriminate function system score.

Which of the following are factors that would support a decision by the Tax Court to require the government to pay a taxpayer's litigation costs?

The IRS took a position that was contrary to an IRS Revenue Procedure. The IRS pursued litigation because the agent disagreed with the taxpayer's political affiliation.

On March 17, 2020, Rebecca submitted an extension to file in which she estimated her 2019 tax liability as $20,120. Her withholding for the year totaled $20,000 so she paid $120 with her extension application. On September 2, 2020, Rebecca mailed her Form 1040 which reflected a total 2019 tax liability of $21,200. Which of the following statements is true?

The IRS will assess interest beginning April 16 through September 2 on a $1,000 late payment.

Elliott's Form 1040 reflected a tax liability of $12,500. For that same year, Elliott's withholding totaled $15,300 resulting in a $2,800 overpayment that Elliott requested via his Form 1040 be refunded to him. Which of the following statements is false?

The IRS will refund the overpayment plus interest on the overpayment at the short-term borrowing rate plus 3%.

Which of the following statements are true regarding the Small Tax Case Division of the Tax Court?

The Small Tax Case Division only hears cases involving tax deficiencies under $50,000. Taxpayers who win their cases may be entitled to recover litigation costs from the government.

Which of the following statements is false regarding the administration of Social Security tax?

The Social Security Administration is responsible for refunding excess Social Security withheld on a taxpayer.

Which of the following statements regarding the Supreme Court's role in federal tax cases is false?

The Supreme Court's decisions can be appealed by the losing party.

Which of the following statements are false?

The amount of the standard deduction is directly related to a taxpayer's cash flows.

Which of the following could be the result of analyzing relevant legal authority?

The authority may provide an unambiguous answer to the research question. Available authorities may be subject to interpretation. Different sources of authority may provide conflicting answers.

Which of the following statements is false regarding bonds issued by state and local governments?

The bond will likely offer a higher rate of interest than corporate bonds with the same degree of risk. Reason: The bond will likely offer a lower rate of interest as corporate bonds with the same degree of risk.

Which of the following statements concerning the individual alternative minimum tax (AMT) computation is true?

The calculation of alternative minimum taxable income begins with taxable income for regular tax purposes.

Which of the following statements is true regarding the structure of life insurance policies?

The cash surrender value represents the amount that would be received if a policy is liquidated before the death of the insured.

Ms. Clark paid $62,000 for 25,000 shares of Acme, Inc. stock. This year Acme declared bankruptcy, and the shareholders were notified that their stock has no value. Which of the following statements is false?

The character of any recognized loss is ordinary.

Which of the following statements is false regarding the deductibility of investment interest expense?

The deduction is limited to net investment income which includes all capital gains and all dividend income.

On March 15, 2020, Larissa submitted to the IRS an application for extension to file her Form 1040. Which of the following statements is true?

The extension will not allow Larissa to delay payment of her final income tax liability beyond April 15, 2020.

Subject to limitations, the gain on the sale of a residence may be excluded from taxable income. Which of the following situations would cause the exclusion to be disallowed?

The home was owned and used as the taxpayers' principal residence for 1 of the last 5 years. The taxpayer used the home as a vacation property or second residence.

Which of the following statements is false regarding passive activities?

The income generated is never characterized as ordinary.

Which of the following is not a feature of the kiddie tax?

The kiddie tax applies only to earned income.

Which of the following statements is false regarding marginal tax rates for individual taxpayers?

The marginal tax rate can always be determined by consulting the appropriate line on the tax rate schedule.

Which of the following statements is false regarding marginal tax rates for individual taxpayers?

The marginal tax rate can always be determined by consulting the appropriate line on the tax rate schedule. Reason: Other factors may make the marginal tax rate vary from what is indicated by consulting the tax rate schedule. One potential factor is the impact of phase-outs related to deductions and exemptions.

Which of the following is not a condition of relief of liability under the innocent spouse rule?

The person must be in the process of divorce, or actually divorced, from their spouse.

Which of the following statements about qualified dividend income is false?

The preferential rate for qualified dividend income is eliminated for taxpayers with the highest marginal tax rate. Reason: All taxpayers benefit from a preferential tax rate on qualified dividends. Taxpayers with the highest marginal rate are permitted a preferential rate of 20% on qualified dividends.

Which of the following is true regarding investment income?

The primary source of investment income is invested capital.

Which of the following is not a factor that determines whether an investment meets the requirements to receive the preferential tax treatment for qualified small business stock under Section 1244?

The profitability of the corporation

Which of the following statements about criminal fraud is false?

The prosecution must establish guilt beyond a preponderance to convict.

Jamal is single. His AGI is $56,000 and he reports $7,200 of itemized deductions. What amount will Jamal subtract from AGI?

The standard deduction of $12,200

Which of the following statements is false?

The tax consequences of business and investment activities are generally the same.

Which of the following statements about the gift tax is false?

The tax is imposed on the recipient of the gift.

Which of the following statements regarding annuity contracts is false?

The taxable portion of the distribution is taxed at a preferential capital gains rate.

Assume that the taxpayer is contesting a negligence penalty in federal court. Which of the following statements is false?

The taxpayer has the burden of proof in litigation.

Which of the following statements is false?

The taxpayer will opt to take the standard deduction if their AGI is less than $72,600.

Which of the following statements about the U.S. transfer tax system is false?

The transfer tax system has had the same structure since it was enacted in 1916.

Which of the following statements regarding the use of the table of contents of a commercial tax service to locate relevant authority is true?

The use of the table of contents helps novice tax researchers become familiar with the organization of the service.

Trent has a 24% marginal tax rate. He is offered the following option: A tax credit of $1,000 or an additional itemized deduction of $4,000. Assuming that his itemized deductions exceed the standard deduction, which of the following statements are true? (Select all that apply.)

The value of the $4,000 deduction is $960. As Trent's marginal tax rate increases, the value of the deduction increases.

Louisa and Linden Bain's 2018 Form 1040 was audited. The revenue agent assessed a $2,300 tax deficiency related to their itemized deductions. The Bains have appealed with their regional Appeals Office of the IRS and continue to be unsatisfied with the outcome. Which of the following is true regarding their options for resolution?

They may take their case to Federal District Court, but must first pay the deficiency and then sue the government for a refund.

True or false: Life insurance policies and annuity contracts enjoy preferential tax status. The benefit of this status is typically offset by higher fees and lower rates of return for these savings vehicles relative to other investment options that are not subject to preferential tax status.

True

Which of the following courts does not hear appeals of federal tax cases?

U.S. Court of Federal Claims

Which of the following courts have original jurisdiction over federal tax cases?

U.S. Tax Court U.S. Court of Federal Claims U.S. District Court

Louis and Jean recently sold their personal residence. For tax purposes ______.

a gain on sale of their personal residence could be taxable a loss on sale of their personal residence is not deductible

AGI is ______.

a measure often used to determine whether the taxpayer is eligible for a deduction or credit

Indicate which of the following statements is false: Debt instruments issued by the U.S. government ______.

generate interest that is tax exempt for U.S. federal income tax purposes

The transfer tax system has multiple integrated components including a(n) ______. (Select all that apply.)

gift tax generation skipping tax estate tax

_____ _____ means all income from whatever source derived.

gross income

The Alternative Minimum Tax (AMT) computation ______.

has a carryforward provision to alleviate the AMT tax burden for taxpayers who are only subject to AMT on a very temporary basis

Hunt is single. His disabled father lives with him and is considered a dependent. Hunt's filing status is ______.

head of household

When performing step two of the tax research process, ______.

identification of tax issues precedes the formulation of research questions

A cash basis taxpayer recognizes dividend income ______.

in the period in which the cash is actually or constructively received

Total income ______.

includes both income earned from business ventures and as an employee

The federal government subsidizes charitable activities ______.

indirectly through the tax system by allowing a charitable contribution deduction

Inherited property that ______.

is appreciated in value is never taxed on the appreciation that occurs prior to the date of death

Alternative Minimum Taxable Income (AMTI) ______.

is computed as regular tax purposes adjusted upward or downward for AMT adjustment and preferences

The QBI deduction is ______.

is deducted from AGI

The Small Case Tax Division ______.

is designed to make the legal system more accessible to taxpayers with legitimate tax disputes

Investment interest expense ______. (Select all that apply.)

is not deductible to the extent it is attributable to tax-exempt income may be deductible as an itemized deduction

The dependent care credit ______.

is only available if the taxpayer has earned income

The AMT exemption is ______.

is phased-out in an amount equal to 25% of AMTI in excess of the AMTI threshold

Gain on the sale of personal use assets ______.

is typically capital gain typically qualifies for preferential tax rates

In 2020, Julia and Rob are both unmarried and file as single taxpayers. Julia's individual tax liability is $22,500 and Rob's is $32,000. If Julia and Rob were married, they would file jointly and their joint tax would be $60,000 which is $5,500 more than the amount computed by adding their individual tax liabilities together. This illustrates the ___ ___ present in the U.S. federal income tax structure.

marriage penalty

John finished graduate school on December 20, 2019 and married on December 27, 2019. His 2019 filing status is ______.

married, filing jointly

A taxpayer realizing a gain on sale of a personal residence, but failing to meet the ownership or use requirements for a full gain exclusion, ______.

may be entitled to a partial exclusion if the sale was due to a change in employment, health, or unforeseen circumstances

Social Security benefits ______.

may be partially taxable, depending on the taxpayer's level of income

As ownership interest in undeveloped land ______.

may be subject to different tax implications depending on the business intent of the particular owner Reason: Undeveloped land may be classified as either inventory or an investment depending on the intent of the owner. Each carries different tax implications.

The interpretation of legal authorities ______.

may not always provide an unambiguous answer to a research question

An unemployed worker receiving unemployment compensation ______.

must include such as compensation in gross income

A taxpayer earning revenue and incurring expenses for an activity considered a hobby ______.

must include the revenue in gross income.

Step five of the tax research process is ______.

necessary when the researcher determines that additional facts are needed to complete the analysis of the transaction

The Medicare contribution tax ______. (Select all that apply.)

applies to taxpayers who exceed an AGI threshold. is assessed on net investment income

Suspended losses from passive activities ______.

are deducted upon disposition of the interest in the passive activity

Government transfer payments received without regard to economic need ______.

are included in gross income

Investment expenses, other than interest expense, ______.

are not deductible

Midge owns a second home that she rents to other individuals for 10 months of the year. The costs associated with maintaining this home

are partially deductible

Need-based payments received from local, state, or federal government agencies ______.

are tax exempt

Contributions to public charities are deductible ______.

as an itemized deduction, limited to 60 percent of AGI

The gift tax is ______.

assessed on inter vivos transfers

Scott and Lauren Lockett own a vacation home in Colorado. They use the home January through October and rent the home for the remainder of the year. They report the following financial details attributed to the period November to December only:Rent revenue: $15,000Mortgage interest: $6,000Property taxes: $4,500Maintenance expenses: $6,000MACRS depreciation: $10,200The Locketts correctly report their rental activity on a Schedule E. What is the cumulative effect of this activity on their AGI in the current year?

no effect

If the sale of a personal use asset produces a loss, the loss is ______.

not deductible

A tax return that is determined to be frivolous ______.

occurs when the taxpayer blatantly files an incomplete or incorrect return based on a legal argument that decidedly has no merit

The IRS assesses interest ______.

on the amount of the taxpayer's federal tax liability not paid by the original due date of the tax return

Qualified medical expenses are deductible ______.

only if not reimbursed by insurance

Qualified dividend income is ______.

permitted a preferential tax rate

Congress enacted the earned income credit as a(n) ___ credit so that taxpayers receive any excess of the credit over the tax liability to offset the payroll tax burden.

refundable

Congress enacted the earned income credit as a(n) credit so that taxpayers receive any excess of the credit over the tax liability to offset the payroll tax burden.

refundable

If a taxpayer owns a vacation home used in part for personal purposes and in part as a rental property, the tax rules for the rental use provide that ______.

rental expenses are deductible, but cannot create a loss rental income is subject to tax

In using a keyword search to locate relevant authority, the ______.

researcher can combine multiple search terms in a single search search can cover the entire database or be restricted to a specific portion of the electronic library

In constructing keyword searches to locate relevant authority, the ______.

researcher can combine words and phrases to create a very targeted search

Milton is a retired, unmarried taxpayer with no dependents. In a typical year, his only itemized deductions are his property taxes of $4,500 and a $6,000 donation to his church. His tax accountant has advised him to consider making an $12,000 contribution to his church every other year instead of an annual $6,000 contribution. This technique is best described as ______.

bunching

The primary tax distinction between a business and a hobby is that ______.

business expenses are fully deductible, while hobby expenses are not deductible

Because beginning tax students have limited knowledge of the subject and no professional experience on which to rely, ______.

by studying tax research they can gain insights into the work performed by tax professionals

State and local sales taxes

can be deducted instead of state and local income taxes.

The earned income credit is ______.

designed to financially encourage unemployed individuals to enter the workforce

An extension of time to file an individual tax return ______.

does not extend the time for payment of tax

The beneficiary of a life insurance policy

does not include any death benefit received in gross income.

The QBI deduction is ______.

equal to 20% of qualified business income

When analyzing tax authorities, the researcher should decide if the authority requires a factual judgment or an evaluative judgment. When a(n) _____ judgment is required, the researcher must draw a subjective conclusion that results in a qualified answer to the research question.

evaluative; factual

Itemized deductions only create a tax savings when itemized deductions ______ the standard deduction.

exceed

The Appeals Office of the IRS ______.

facilitates a conference between the taxpayer (or their representative) and an IRS appeals officer with the goal of settling a tax dispute

True or false: A single taxpayer with $75,000 of taxable income pays tax on that income at a flat rate of 22%.

false

True or false: If requested by the filing deadline, a taxpayer may request a six month extension to both file their return and pay their outstanding tax obligation.

false

A taxpayer's is determined by marital status and family situation, and it determines the rates at which a taxpayer will be taxed.

filing status

Taxpayers who win a tax case are _________ entitled to recover litigation expenses from the government.

sometimes

The Taxpayer Bill of Rights ______.

specifically details the rights of taxpayers and is structured to do so in a clear and understandable way

Deductible tax payments can include:

state income taxes. property taxes on personal automobiles.

By definition, conclusions are

subjective

Scanning the _____ of _____ is a useful strategy for locating authority in a topically oriented research service.

table contents

If a taxpayer disagrees with a deficiency assessed by the IRS, the taxpayer can refuse to pay and petition the U.S. _____ Court to hear their case. However, in U.S. _____ Court, the taxpayer must pay the deficiency and sue for a refund.

tax district

ABC Company collected $1 million of life insurance proceeds on the death of its CFO. This economic benefit is ______.

tax exempt

Municipal bond interest is ______.

tax exempt for U.S. income tax purposes

Interest generated by U.S. debt instruments, such as Treasury notes or Series EE bonds, is generally ______ for state income tax purposes and ______ for U.S. income tax purposes.

tax exempt; taxable

Kelsi and Kirk are both 35 years old and file a joint return. In 2020, their itemized deductions total $22,500. On their 2020 tax return, they will reduce AGI by ______.

the standard deduction of $24,800 Reason: The standard deduction of $24,800 exceeds their itemized deductions of $22,500. Therefore, they will elect to take the standard deduction.

When clients describe transactions to a tax professional, ______.

they may present subjective conclusions, rather than objective statements of fact

A detailed _____ _____ is an alphabetical listing of hundreds of tax-related terms which may be searched to identify terms related to tax research questions.

topical index

True or false: In the event total itemized deductions do not exceed the standard deduction, a taxpayer receives no tax benefit for itemized deductions.

true

The level of technical language in a client letter should ______.

vary with the level of technical expertise of the client

This year, Mr. Baxter recognized a $22,000 long-term capital gain and a $6,700 short-term capital loss. For tax purposes, Mr. Baxter ______.

will net the transactions and include in AGI a $15,300 long-term capital gain

This year, Mr. Hicks reported a $7,000 long-term capital loss and a $3,200 short-term capital gain. For tax purposes, Mr. Hicks ______.

will net the transactions and include in income a $3,800 long-term capital loss

A client letter communicating research conclusions ______.

will vary in the level of technical language, consistent with the tax knowledge of the client will contain information similar to that in the research memo

For a given year, filing status is determined ______.

with respect to the criteria evaluated on the last day of the taxable year

In 2020, Rockett Corporation ceased operations and distributed its assets of $550,000 to its shareholders. Mr. Benbow, a 20% shareholder, received $110,000 in the liquidation. In 2021, the IRS determined that Benbow had underpaid its 2019 and 2020 taxes by $179,000. How much of the deficiency can the IRS assess against Benbow?

$110,000

Enrique paid $96,000 for an annuity contract that will pay $1,600 per month for life. Based on Enrique's age, his expected return on the contract is $400,000. This year, Enrique received payments totaling $19,200. How much is taxable to Enrique each year?

$14,592 Reason: Enrique's premiums represent 24% ($96,000/$400,000). Thus, it is assumed that 24% of the annuity payments (24% × $19,200 = $4,608) reflect a return of investment and is nontaxable. The remaining $14,592 ($19,200 - $4,608) is taxable.

The IRS audited Mr. and Mrs. Hall's Form 1040.The IRS agent assessed a $21,500 tax deficiency related to the underreporting of rental income. The agent determined that the deficiency was the result of a willful attempt to avoid taxes by not reporting income. The resulting civil fraud penalty is ______.

$16,125

Marissa is a single mom with two dependent children. She is 30 years old. Her standard deduction is $.

$18,350, 18,350, or 18350

On June 5 of the current year, Mr. Schaffer liquidated the following three investments: ABC Stock: Purchased two years ago and sold at a $4,000 gain. DEF Stock: Purchased 6 months ago and sold at a $2,000 loss. GHI Stock: Purchased four years ago and sold at a $500 gain. For tax purposes, Mr. Schaffer will report a ______.

$2,500 net long-term capital gain

Melanie's mother died two years ago. Her estate was not subject to any federal estate tax. Melanie inherited a parcel of land from her mother. The fair market value of the land was $120,000 at the time of her mother's death and was originally purchased 12 years ago for $80,000. This year, Melanie sold the land for $140,000. Melanie's gain or loss on the sale is ______.

$20,000 Reason: Melanie gets a step-up in basis to $120,000. Thus, her gain is $20,000 (proceeds of $140,000 less step-up basis of $120,000).

Jenna and Jordan are married and file a joint return. Their AMTI is $850,000 before the exemption. Compute their AMT.

$202,828 Reason: Their exemption is $109,400. AMTI less exemption is $850,000 - $111,700 = $738,300. AMT is computed as: $194,800 × 26% = $50,648 $543,500 × 28% = $152,180 TOTAL = $202,828

Meaghan is a single taxpayer. Her AGI is $37,000, and she reports total itemized deductions of $14,300. If she is subject to a 12% marginal tax rate, the incremental tax benefit from itemizing is ______.

$228 Reason: Tax savings from standard deduction: $12,400 × 12% = $1,488. Tax savings from itemizing: $14,300 × 12% = $1,716. The additional tax savings is $1,716 - 1,488 = $228.

$252 Reason: Tax savings from standard deduction: $12,200 × 12% = $1,464. Tax savings from itemizing: $14,300 × 12% = $1,716. The additional tax savings is $1,716 - 1,464 = $252.

Mildred and Milton and married and filing a joint return. Mildred is 72 years old and blind. Milton 70 years old. Their standard deduction is ______.

$28,300 The standard deduction is increased by $1,300 if the taxpayer is blind or over the age of 65. Because both are over the age of 65 and Mildred is blind, the standard deduction of $24,400 is increased by 3 × $1,300 = $3,900 to be $28,300.

Mildred and Milton and married and filing a joint return. Mildred is 72 years old and blind. Milton 70 years old. Their standard deduction is ______.

$28,700 Reason: The standard deduction is increased by $1,300 if the taxpayer is blind or over the age of 65. Because both are over the age of 65 and Mildred is blind, the standard deduction of $24,800 is increased by 3 × $1,300 = $3,900 to be $28,700.

Otto Oltorf, an executive with Sky, Inc., reports the following income: Salary: $275,000 Interest income: $2,000 Qualified dividend income: $4,500 Passive loss from partnership interest: $8,200 Passive income from rental activities: $4,200 Otto's AGI is ______.

$281,500 Reason: Otto may offset the $4,200 passive income using the passive loss generated in the current year. Therefore, he computes AGI as $275,000 + $2,000 + $4,500 + 0 ($4,200 passive income offset by passive loss) = $281,500. Otto will have a passive loss carryforward of $4,000.

Graham and Kathy, a married couple filing a joint return, own their principal residence and a vacation home. This year, they paid the following mortgage interest on these two residences: $22,000 on acquisition debt of $500,000 related to their principal residence and $7,000 on a $200,000 mortgage on their vacation home. How much of this mortgage interest can Graham and Kathy deduct as an itemized deduction?

$29,000

This year, Ms. Leonard invested $29,000 in a mutual fund. During the year, the investment yielded the following: Qualified dividend income: $1,200 Dividends reinvested: $1,000 Nontaxable distributions: $800 Ms. Leonard's basis at year end is ______.

$29,200 Reason: Purchase price of $29,000 plus dividends reinvested of $1,000 less nontaxable distributions of $800 = $29,200.

John is subject to a 15% marginal tax rate on ordinary income. This year, he received two dividend distributions, $1,200 from Highpoint, Inc. and $2,000 from Lowmark, Inc. The Form 1099 indicates the dividend from Highpoint is a qualified dividend. John's tax liability on the dividend income is ______.

$300 Reason: The Highpoint dividend (qualified) is subject to a 0% preferential rate, while the $2,000 dividend from Lowmark (not qualified) is subject to a 15% rate ($300 tax).

Jillian is a single parent of two children, ages 14 and 16. She reports AGI of $65,000. Jillian can claim a child credit of ______.

$4,000 Reason: Jillian may claim a $2,000 credit for each of her children. A child must be under the age of 17 to be eligible. Her AGI is below the phase-out threshold, so she may claim the full $4,000.

Jillian is a single parent of two children, ages 14 and 16. She reports AGI of $65,000. Jillian can claim a child credit of ______.

$4000

This year, Mr. Fox invested $45,000 in a mutual fund. During the year, the investment yielded the following: Qualified dividend income: $2,400 Dividends reinvested: $2,000 Non taxable distributions: $1,200 Mr. Fox's basis at year end is ______.

$45,800 Reason: Purchase price of $45,000 plus dividends reinvested of $2,000 less nontaxable distributions of $1,200 = $45,800.

Mr. and Mrs. Rylander are married and file a joint income tax return. This year, Mr. Rylander gifted $50,000 to their favorite grandchild to support him during college. Which of the following statements are true? (Choose all that apply.)

-If gift splitting is not elected, $15,000 is excluded and $35,000 is considered a gift by Mr. Rylander for federal tax purposes. -If gift splitting is elected, $30,000 is excluded and $10,000 is considered gifted by Mr. Rylander and $10,000 by Mrs. Rylander.

The taxable estate ______. (Select all that apply.)

-is reduced by transfers made to the surviving spouse -can be reduced to zero by transferring all of the assets to a charitable organization

Frank, a single individual, received Social Security benefits this year totaling $12,000. If Frank also earned other adjusted gross income of $5,000, $_____ of Frank's Social Security benefits are currently taxable

Ginna, a single individual, received Social Security benefits this year totaling $15,000. Ginna also earned other adjusted gross income of $5,000. Ginna will pay _____ related to her Social Security benefit.

Wilma raises exotic orchids as a hobby. She occasionally sells plants to other orchid enthusiasts. This year, Wilma earned $4,000 from orchid sales and incurred $8,000 of orchid-related expenses. If Wilma's AGI is $50,000, Wilma can deduct $_____ of expenses from her orchid activities

Marissa is a single mom with two dependent children. She is 30 years old. Her standard deduction is $

Jenny and Jeremy, married filing jointly, report the following taxes for 2019.Colorado State income tax: $4,000Property taxes on primary residence: $8,000Sales Tax: $1,000They may deduct $_____ as an itemized deduction.

10,000

Brianna has a 25% marginal tax rate. She is offered the following option: A refundable tax credit of $1,000 or an additional itemized deduction of $3,000.Assuming that her itemized deductions exceed the standard deduction, the value of the credit is $___ and the value of the deduction is $___

1000; 750

Juan is unmarried with no dependents. In 2020, he reports $125,200 of AGI. Included in his AGI is $16,200 of qualified business income and a $1,200 above-the-line deduction for self-employment tax. He also reports $7,800 of itemized deductions. Juan's taxable income is $___

109,800

Juan is unmarried with no dependents. In 2019, he reports $125,000 of AGI. Included in his AGI is $15,000 of qualified business income. He also reports $7,800 of itemized deductions. Juan's taxable income is $

109,800 or 109800

Mr. and Mrs. Short are married and file a joint return. They report the following items: Salary - Mrs. Short $100,000 Dividend Income 2,000 Share of partnership income 24,000 Above-the-line deductions 3,000 Itemized deductions 14,000

123000 or 123,000

Drew, a single individual, sold his home after one year because of a job transfer to another state. The maximum amount of gain Drew could exclude from taxation on this sale is $_____

125000

Molly was employed by Inside Interiors from January to July, earning $70,000 and with Middlebrook Designs from August to December, earning $100,000. For 2020, her excess social security credit is $___

2003

Tom files as a single taxpayer. In 2020, he reports taxable income of $120,000. His tax liability is $___, assuming that he has no income subject to a preferential rate. (round your answer to nearest whole dollar)

22,880

Mindy's home was completely destroyed by a tornado. President Trump immediately declared the entire county a federally declared disaster area. Mindy purchased the home one year before for $200,000 of which $180,000 was attributed to the home and $20,000 for the land. Just prior to the destruction, the fair market value of her home was estimated to be $190,000. Insurance reimbursed Mindy $150,000 for repairs. Assuming Mindy's AGI is $70,000, she is entitled to a casualty loss deduction of $

22900

Missy is claimed as a dependent on her parent's 2019 tax return. She earned $2,000 from her job at Yummy Yogurt Shop in 2019. Her standard deduction for 2019 is $

2350 or 2,350

Mark and Mary file a joint return. They are both 40 years old and have two young children. Their standard deduction is $

24,400 or $24,400

Mark and Mary file a joint return. They are both 40 years old and have two young children. Their standard deduction is $___

24,800

Paul, a single individual, owns his own home. This year, he paid $25,000 of interest on acquisition debt with a balance of $650,000 and $3,000 of interest on a home equity loan of $50,000 used to pay off student loans. Paul's allowable itemized deduction for mortgage interest is $

25000

Mr. and Mrs. Thompson filed their 2019 Form 1040 on September 1, 2020 which reflected a $10,400 balance of tax due. They did not previously apply for an extension and had no reasonable cause for the delinquency. The Thompson's are subject to a $_____ late-filing and late-payment penalty.

2600

3,600; 1,152

Wilma raises exotic orchids as a business. She frequently sells plants to other orchid enthusiasts. This year, Wilma earned $40,000 from orchid sales and incurred $48,000 of orchid-related expenses. If Wilma's AGI is $100,000, Wilma can deduct $_____ of expenses from her orchid activities.

48000

Allie is single with no dependent children. Her 2019 tax information is as follows: Wages $60,000 Dividends 500 Itemized Deductions 4,000 Allie's AGI is $ and her taxable income is $

60500 48300

Leona is a single individual receiving Social Security benefits. Leona also has significant retirement income from her former employer. If Leona's modified AGI is $50,000, what percentage of her Social Security benefits will be taxable?

85%

To avoid an underpayment penalty, a taxpayer is required to make timely payments of at least ___ % of their current tax liability or meet the safe-harbor estimate provisions. The threshold for the safe-harbor estimate is ___% of prior year taxes for taxpayers with AGI less than $150,000 and ___% for taxpayers above that threshold.

90; 100; 110

This year, Mr. and Mrs. Lebold paid $3,100 investment interest expense. They earned $4,750 investment income consisting of $1,900 interest and $2,850 qualified dividends. Which of the following statements is true? a) If the Lebolds elect to treat $1,200 of the qualified dividends as ordinary income not taxed at a preferential rate, they can deduct $3,100 investment interest expense. b) The Lebolds can deduct $3,100 investment interest expense only if they elect to treat all of the $2,850 qualified dividends as ordinary income not taxed at a preferential rate. c)The Lebolds can deduct $3,100 investment interest expense because their investment income exceeds $3,100. d) The Lebolds' deduction for investment interest expense is limited to $1,900.

Twenty years ago, Mr. Wallace purchased a $250,000 insurance policy on his own life and named his daughter as sole beneficiary. He has paid $14,250 total premiums to keep this policy in force. This year, he liquidates the policy for its $20,000 cash surrender value. Which of the following statements is true? a) Mr. Wallace recognizes $5,750 ordinary income on the liquidation. b) Mr. Wallace recognizes $20,000 ordinary income on the liquidation. c) Mr. Wallace recognizes no gain on the liquidation. d) Mr. Wallace recognizes $5,750 capital gain on the liquidation

Who of the following cannot represent a client during an audit interview with the IRS?

A certified financial planner

Which of the following statements is true?

A child who is considered a dependent of another taxpayer and who earns income is required to file as a single taxpayer.

Which of the following statements regarding tax payments is true?

A corporate taxpayer that expects a tax liability is required to make quarterly estimated tax payments.

Which of the following transactions would be classified into a special subcategory taxed at 28%? (Select all that apply.)

A gain from the sale of qualified small business stock purchased 3 years ago A gain recognized on the sale of a collection of baseball cards purchased 5 years ago

Which of the following transfers are treated as taxable gifts for federal gift tax purposes?

A gift to the taxpayer's niece used by the niece to support herself while in college

Which of the following statements best reflects the maximum transfer a married couple may make without the transfer being considered a gift for gift tax purposes?

A married couple may transfer up to $30,000 each year to as many individuals as they would like.

Which of the following statements about preparer penalties is false?

A preparer is not subject to a preparer penalty if only acting at the request of their client.

Which of the following statements about a qualifying relative as defined under the dependency rules is false?

A qualifying relative must be related to the taxpayer.

Which of the following statements is false with respect to tax payments?

A tax refund indicates that the taxpayer has engaged in careful tax preparation and planning.

Which of the following statements is false regarding the tax dispute process?

A taxpayer may wish to litigate in the U.S. Court of Federal Claims because it is not necessary to pay the tax deficiency in advance of litigation.

Which of the following statements about taxpayer negligence is false?

A taxpayer who relies on the advice of a tax professional has a guaranteed defense against the negligence penalty.

Which of the following statements about AGI is false?

AGI equals total income less itemized deductions.

Which of the following approaches has Congress used to provide tax subsidies for education?

Above-the-line deductions for qualified expenses Exclusions from income for certain types of interest income Tax credits for qualified expenses

Which of the following statements about accelerated death benefits is false?

Accelerated death benefits have a policy objective targeted at relieving financial hardship for terminally or chronically ill taxpayers.

Which of the following could lead a researcher to repeat steps 1 through 4 of the research process?

Additional information might suggest additional research questions that must be addressed. The researcher might discover that facts are missing that are critical for reaching a conclusion.

Which of the following statements regarding filing deadlines is false?

All corporate taxpayers are required to file Form 1120 by the 15th day of the fourth month following the close of their taxable year.

Which of the following statements is false regarding capital assets?

All long-term capital assets are taxed at a 28% tax rate.

Which of the following statements is false?

All taxpayers are entitled to an AMT exemption.

Alyssa is a single mother. Based on her AGI and number of children, her earned income credit is $4,215. Her taxable income is $25,000, and the resulting tax is $2,718. Which of the following statements best describes Alyssa's tax position?

Alyssa will owe no federal income tax and will receive a $1,497 refund attributable to the earned income credit.

Which of the following is not an education tax subsidy?

American Jobs Credit

Which of the following statements about the computation of gain or loss on the sale of shares of stock is true?

Amount realized from the sale includes cash and any noncash assets received.

Which of the following statements about deductions is true?

An above-the-line deduction always reduces taxable income.

Which of the following statements about the individual AMT is false?

An individual will pay either AMT or regular tax, depending on which is greater.

Which of the following statements about an investment in undeveloped land are true? (Select all that apply.)

An investor can elect to capitalize interest expenses on a mortgage incurred to purchase the undeveloped land. An investor can elect to capitalize the related property taxes.

Which of the following statements is false?

Any allowable deduction is an itemized deduction. The annual economic benefit from living in a home you own must be included in taxable income.

Allen was homeless for part of last year. He received welfare payments from the government totaling $5,000 and food stamps valued at $500. The amount of these payments included in Allen's gross income is ______.

Eileen and Elliot are married and file a joint return. Their AGI is $105,000, and they report total itemized deductions of $23,250. If they are subject to a 22% marginal tax rate, the incremental tax benefit from itemizing is ______.

$0 Reason: They will take the standard deduction of $24,400, so there is no incremental benefit from itemizing.

$0 They will take the standard deduction of $24,400, so there is no incremental benefit from itemizing.

Michael is claimed as a dependent on his parent's 2019 tax return. This year, he earned $600 from mowing lawns and $220 in dividend income from stock gifted to him several years ago from his grandparents. His standard deduction for 2019 is ______.

$1,050 The standard deduction is $1050. His earned income is $600 plus $350 = $950 which is less than the standard amount of $1050.

Mr. and Mrs. Jinx are married and file jointly. They have two children, ages 10 and 12. They report AGI of $450,000. Mr. and Mrs. Jinx can claim a child credit of

$1,500. Reason: For married taxpayers, the credit phases out starting at AGI of $400,000. They are $50,000 over the threshold which is 50 x $1000. The credit phases out by $50 for each $1,000 or, in this case, $50 x 50 or $2,500. Thus, the are eligible for $1,500 credit ($4,000 - $2,500).

In 2019, Taylor was employed as an executive with Pier 2 Exporters from January to November, earning $130,000 and with Global Associates starting in December, earning $30,000. His excess social security credit is ______.

$1,860 Reason: Pier 2 only withheld on $132,900, satisfying Taylor's total social security obligation for 2019. The excess withheld by Global Associates ($30,000 × 6.2%) reflects Taylor's $1,860 credit.

Mr. Reynolds passed away this year. On his date of death, the fair market value of all of the assets in the estate was $2.2 million and his debts totaled $250,000. His estate paid $10,000 in legal fees, donated $20,000 to United Way, bequeathed $600,000 to his spouse, and the remaining $1.32 million was to be divided among his children. His taxable estate is ______.

$1.32 million Reason: $2.2 million - $250,000 (debts) - $10,000 (legal fees in administering the estate) - $20,000 (charitable organization) - $600,000 (spousal exemption) = $1.320,000.

John is single and reports $50,000 of taxable income. Included in the taxable income number is $2,000 of capital gains subject to a 15% preferential tax rate. John's income tax liability is ______.

$6,650 $2,000 tax at 15% = $300. Tax on remaining $48,000 is $6,350. Total tax is $6,650.

Clint and Charlotte are married with one dependent child, and AGI of $120,000. They pay $12,000 per year for their 2-year old daughter to attend the daycare in the building in which they are employed. Their dependent care credit is ______.

$600 Reason: Because their AGI is high, they are permitted the minimum credit. Maximum expenses permitted under the credit are $3,000, and they are permitted 20% or $600.

Larissa and Louis are married and file jointly. They report $65,000 of taxable income. Included in the taxable income number is $1,000 of dividend income subject to a 0% preferential tax rate. Their joint income tax liability is ______.

$7,285 Reason: Dividend income is tax free. Tax on remaining $64,000 is $7,285 Total tax is $7,285 + 0 + $7,285.

Rian reports AMTI of $119,000 in excess of his permitted exemption amount. His regular tax liability is $22,960. His AMT is ______.

$7,980 Reason: ($119,000 × 26%) less his regular tax liability of $22,960 = $7,980

Mr. Black received a $12,000 dividend from Whitehawk, Inc. Mr. Black's Form 1099 indicated that $8,000 was a qualified dividend and $4,000 was a nontaxable distribution. Which of the following best describes Mr. Black's tax consequences?

$8,000 dividend income taxed at a preferential rate, a $4,000 reduction in basis for Black's investment in Whitehawk.

Oscar paid $45,000 for an annuity contract that will pay $800 per month for life. Based on Oscar's age, his expected return on the contract is $281,250. This year, Oscar received payments totaling $9,600. How much is taxable to Oscar?

$8,064 Reason: Oscar's premiums represent 16% ($45,000/$281,250). Thus, it is assumed that 16% of the annual annuity payments (16% × $9,600 = $1,536) reflect a return of investment and are nontaxable. The remaining $8,064 ($9,600 - $1,536) is taxable.

Lily is unmarried with no dependents. In 2019, she reports $97,000 of AGI. Included in AGI is $20,000 of qualified business income. She also reports $13,000 of itemized deductions. Lily's taxable income is ______.

$80,000 Reason: Taxable income is $80,000 computed as AGI of $97,000 less $13,000 itemized deduction and $4,000 QBI deduction (20% × $20,000).

Mr. Jones is single. He reports the following items: Net profit from sole proprietorship $75,000 Dividend income 12,000 Interest income 322 Deduction for self-employment tax 5,299 Itemized deductions 14,000 Mr Jones's AGI is $______.

$87,322 Reason: Net Profit from sole proprietorship 75,000 + Dividend 12,000 + Interest 322 - deduction for self-employment tax 5,299 = $82,023.

Elena has AGI of $93,000 before considering the following transactions that occurred this year: 200 shares of Alpha Corp sold at a $12,000 long term capital loss. 100 shares of Beta Inc. sold at a $3,000 long term capital gain. 150 shares of Chi Company sold at a $3,000 short term capital gain. Elena will report AGI of ______.

$90,000 Reason: Elena has a net $3,000 short-term capital gain and a net $9,000 long-term capital loss which combine to a $6,000 long-term capital loss. She may deduct $3,000 in the current year and may carry forward the remaining $3,000.

(1) As Trent's marginal tax rate increases, the value of the deduction increases. (2) The value of the $4,000 deduction is $960.

Which of the following types of income are permitted a preferential tax rate?

(1) Capital gains (2) Qualified dividends

Identify which of the following are refundable credits.

(1) Earned Income Credit (2) Excess Social Security

Which of the following could potentially meet the requirements of a qualifying child under the dependency rules?

(1) Taxpayer's niece or nephew (2) Taxpayer's sister or brother (3) Taxpayer's grandchild (4) Taxpayer's child

Mr. and Mrs. White file a joint return. They have two children. Both are full-time college students, and the Whites provide more than half of their financial support. Trenton is 22 years old, lives on campus, and he earned $7,000 from a part-time job. Lisa is 26 years old, lives at home, and earns $2,000 from a part-time job. Which of the following statements are true?

(1) Trenton is a qualifying child. (2) Lisa is a qualifying relative.

A taxpayer's filing status ______.

(1) may have implications in determining eligibility for certain tax benefits (2) impacts the rates at which income is taxed

Which statement does not accurately describe the tax consequences of rental real estate?

Capital expenditures from rental activities are always currently deductible in arriving at net profit. Reason: In general, capital expenditures must be capitalized and depreciated. The depreciation expense is deducted in arriving at net profit.

Moon Mutual Fund manages a diversified portfolio consisting of equity investments in both foreign and domestic corporations. This year, Cara received a $3,500 distribution from her investment in Moon Mutual Fund. Her Form 1099 reported that this distribution included: Ordinary dividend income: $2,100 Qualified dividend income: $1,200 Nontaxable distribution: $200 Which of the following statements correctly identify the tax consequences to Cara?

Cara reports $3,300 total income with $1,200 taxed at a preferential rate.

One difference between tax research related to a closed-fact transaction and a prospective transaction is that the tax professional's advice for which transaction is limited to providing a tax compliance service?

Closed-fact

Which of the following situations describes a nontaxable exchange? (Select all that apply.)

Common stock in one company is exchanged for common stock in another company pursuant to a reorganization agreement. Preferred stock is exchanged for preferred stock in the same company. Common stock is exchanged for common stock (same class of stock) in the same company. Common stock is exchanged for common stock (different class) in the same company

Which of the following entities are permitted to deduct interest associated with a tax deficiency?

Corporate Taxpayer

Which type of audit can be handled entirely by phone or by email?

Correspondence audit

Which of the following statement is true?

Differences exist in the computation of taxable income for individuals depending on their filing status.

Which of the following statements is true?

Differences exist in the computation of taxable income for individuals depending on their filing status.

On November 4, 2018, Erin purchased a U.S. Treasury bill that matured on February 28, 2019. She redeemed the bond on February 28, 2019. Which of the following statements regarding her federal taxable income is true?

Erin will defer recognition of all interest income until 2019.

Investment interest expense is an above-the-line deduction. T/F

Lana owns 50 shares of stock qualifying as Section 1244 stock. If she sells the stock to George, he can also treat the stock as Section 1244 stock. T/F

True or false: The classification of an individual as a dependent only has the potential to affect a taxpayers filing status.

False

True or false: The original purpose of AMT was to ensure that tax preferences did not result in low income taxpayers not paying an equitable share of taxes.

False Reason: AMT is targeted at high income taxpayers.

True or false: If requested by the filing deadline, a taxpayer may request a six month extension to both file their return and pay their outstanding tax obligation.

False Reason: The taxpayer may request an extension to file their return, but not to pay their tax obligation.

Which of the following statements about the tax return filing process is false?

Only income tax returns that are not prepared using tax software or not prepared by a tax professional are checked for mathematical accuracy.

Which of the following statements is false with regard to the classification of undeveloped land as inventory or an investment for tax purposes?

Owning a parcel of land that is subdivided into smaller lots would provide support that the land is held for investment.

Which of the following creative assets is considered a capital asset?

Painting owned by an art collector and purchased from a gallery

Which of the following statements regarding inflation adjusted debt instruments is false?

Periodic interest payments are calculated based on a fixed principal value.

Indicate which of the following is not a filing status.

Permanent resident of the U.S.

Which of the following statements about dividend income is false?

Preferential rates are available to both individuals and corporations receiving qualified dividends. Reason: Preferential rates on qualified dividends are available only to individual investors.

Which type of administrative authority is requested by a taxpayer from the IRS and is authoritative only for that taxpayer?

Private letter ruling

Which of the following types of income reported on Form 1099 may either be taxed at a preferential rate or exempt from tax altogether? (Select all that apply.)

Qualified dividend distributions Nontaxable distributions Long-term capital gains distributions

Which of the following types of income are taxed at a preferential rate? (Select all that apply.)

Qualified dividend income Long-term capital gains

Which of the following statements is false about taxation of gains and losses from security transactions?

Realized and unrealized gains from appreciation of investment assets are taxed currently.

Which of the following items are included in total income? (Select all that apply.)

Revenues less deductions from rental activities Wages Interest income from savings account Revenues less deductions from sole proprietorship

In which of the following cases is a realized loss tax deductible?

Sale of equipment used in a business Sale of stock held as an investment

A corporate taxpayer with a June 30 fiscal year end who has not filed for an extension is required to file a Form 1120 corporate income tax return by ______.

September 15 of the same year.

Last year, Mary Alice decided to quit her demanding consulting job.She was an accounting major in college and is quite knowledgeable in accounting and tax. As a result, she has decided to prepare tax returns for acquaintances on a part-time basis while she decides on her next career move. Which of the following statements about Mary Alice is false?

She is not considered an income tax preparer subject to preparer requirements and penalties because she is not a CPA, attorney, or enrolled agent.

Which of the following is a legal obligation of a tax preparer?

Sign the tax return prepared for their client. Provide client copies of their returns.

Which of the following statements about civil tax fraud is false?

Similar to a charge of negligence, the IRS must present a preponderance of evidence that the fraud occurred.

Which of the following statements is true regarding private activity bonds?

Since 1986, the interest from private activity bonds represents an AMT preference item.

In 2020, Marshall was employed by Buckeye, Inc. until September when he accepted a new position with Spartan Company. Marshall earned $100,000 from Buckeye and $70,000 from Spartan. Which of the following reflects the amount of wages on which Spartan must withhold Social Security and Medicare tax?

Social Security on $70,000; Medicare tax on $70,000

In 2019, Marshall was employed by Buckeye, Inc. until September when he accepted a new position with Spartan Company. Marshall earned $100,000 from Buckeye and $70,000 from Spartan. Which of the following reflects the amount of wages on which Spartan must withhold Social Security and Medicare tax?

Social Security on $70,000; Medicare tax on $70,000 Spartan must apply withholding rules without considering any other employment. Therefore, Spartan withholds Social Security and Medicare tax on the full $70,000. Marshall may claim a credit for any excess amounts paid.

Which of the following statements regarding tax payments is true?

Sole proprietors must make quarterly estimated tax payments for both income and self-employment tax.

By studying the tax research process, students gain insights into which of the following tasks performed by working tax professionals?

Solving client tax problems Communicating tax solutions to clients Identifying tax issues

Which of the following statements regarding the organization of a research memo are false?

Some researchers present research conclusions after discussing relevant authority, while others present conclusions after the statement of issues. There is a single, standard accepted order for presenting information in the memo that is followed by most tax professionals.

Which of the following is commonly included in a tax research memo?

Statement of the research issue(s) Analysis of relevant authorities Statement of facts Explanation of research conclusions

Which of the following is not a type of administrative authority?

Supreme Court decisions

Material participation in a business means that the individual is involved in the day-to-day operations on a regular, continuous, and substantial basis. T/F

The kiddie tax limits the tax savings from a transfer of income-producing property to a minor child by taxing a portion of such income at the tax rates applying to estates and trusts. T/F

Three years ago, James loaned $60,000 to his friend. The debt is now uncollectible. If the loan created a bona fide debt, James recognizes a capital loss. T/F

Last year, Robert sold one block of securities that resulted in an $11,000 long-term capital loss, generating a carryforward of $8,000. This year, Robert engaged in three transactions which resulted in a $4,000 net long-term capital gain. Before considering these transactions, his AGI this year was $120,000. Which of the following statements is true?

This year, Robert will report AGI of $117,000 and a long-term capital loss carryforward of $1,000. Reason: Combining the carryforward of $8,000 and the long-term capital gain of $4,000 this year results in a $4,000 long-term capital loss in the current year. Robert may recognize a net capital loss of $3,000, reducing AGI to $117,000, and carryforward the remaining $1,000 long-term capital loss.

Last year, Shana purchased a limited interest in a business partnership which is her only passive activity. Last year, she was allocated $15,000 of the partnership's ordinary business loss. This year, she was allocated $7,200 of the partnership's ordinary business income. Which of the following statements is false?

This year, Shana has a carryforward of $7,800 in losses that may be used for up to three years. Reason: There is no time limit on the use of suspended losses.

Which of the following is not an intended purpose of the tax research memo?

To provide a detailed description of the process used by the researcher to answer the research questions

Which of the following statements about total income is false?

Total income excludes income from business ventures in which the taxpayer engages.

When a search for relevant authority locates a search term within an editorial explanation, which of the related primary authorities should be examined before the researcher reaches a conclusion?

Treasury regulations Code sections Judicial decisions

Trenton is a qualifying child. Lisa is a qualifying relative.

Which of the following are Code-arranged commercial tax services?

United States Tax Reporter Standard Federal Tax Reporter

Which of the following are potential strategies for locating primary authority to address a tax research question?

Use the topical index for the Internal Revenue Code. Browse the table of contents in a commercial tax service. Use a keyword search in an electronic tax library.

Which of the following statements regarding tax issues and research questions is false?

When a situation involves multiple research questions, the researcher should think carefully about the order in which the questions are addressed.

Which of the following statements regarding the search for relevant authority is false?

When the search locates an answer within an editorial explanation, it is not necessary for the researcher to read the related primary authorities.

Which of the following information is typically provided by a Citator?

Whether a judicial decision has been appealed List of subsequent rulings that have referenced a particular court decision

Long-term capital gain on the sale of which of the following personal use assets is taxed at a maximum rate of 28 percent?

Works of art Antiques

Interest incurred by a married couple on a home mortgage is ______.

deductible as an itemized deduction fully deductible if the mortgage is acquisition debt of less than $1 million for debt incurred prior to December 15, 2017

An above-the-line deduction ______ reduces AGI and ______ reduces taxable income. An itemized deduction ______ reduces AGI and ______ reduces taxable income.

always; always; never; sometimes

Fill in the blanks to complete the sentence. Gain on the sale of personal use assets is typically characterized as _____ gain.

capital

A federal tax evasion case ______.

carries the strictest evidential standard to convict

A taxpayer's marginal tax rate can be difficult to estimate because

certain deductions and credits are a function of AGI.

When the Supreme Court refuses to hear a case, it is said to deny

certiorari

A late-filing and late-payment penalty is ______.

charged on a monthly basis for up to 50 months

The _____ is useful in determining the status of a judicial decision and how subsequent rulings have referenced the decision.

citator

In documenting research conclusions, a tax professional often prepares both a research memo and a client letter. The _____ _____ will likely contain fewer technical references than the _____ _____

client letter research memo

Gross income ______.

presumes that any economic receipt that increases net worth is subject to tax refers to all income from whatever source derived

When researching a _____ transaction, the tax adviser can help their client create facts that will support favorable tax consequences.

prospective

The statute of limitations ______.

provides a limit to the time the IRS has to assess additional taxes for a particular tax year

The safe-harbor estimate provision ______.

provides taxpayers with certainty because accurately estimating current year tax obligation can be difficult

The child credit ______.

provisions stipulate a maximum credit of $2,000 for each qualifying dependent and $500 for certain non-child dependents

The primary purpose of purchasing a PIG (passive income generator) is to ______.

realize the tax benefit of a suspended loss currently

When alimony is paid as part of a divorce settlement that was executed prior to December 31, 2018, the recipient ______.

recognizes gross income and the payer is allowed a deduction

Tax credits ______.

reduce the tax liability by $1 for every $1 of credit

The kiddie tax ______.

refers to rules that require a child's unearned income to be taxed at the rate that applies to estates

The marriage penalty ______.

refers to the notion that the tax system is not neutral with respect to marital status

Mr. Beede, a cash basis taxpayer, owns shares of Freeman, Inc. in his investment portfolio. On December 10, 2019, Freeman, Inc. declared a dividend. Mr. Beede's share of the dividend was direct deposited to his account on December 30, 2019. Due to the holiday schedule, Mr. Beede did not have access to the funds until January 2, 2020. The dividend income is ______.

taxable to Mr. Beede in 2019

Ms. Frost, a cash basis taxpayer, owns shares of XYZ, Inc. in her investment portfolio and participates in a dividend reinvestment program. Therefore, her share of the 4th quarter 2019 dividend paid by XYZ was reinvested in additional shares of XYZ. The dividend is ______.

taxable to Ms. Frost in 2019

The determination that an individual is a dependent has the potential to impact all of the following except ______.

the due date of the return

When a taxpayer requests a private letter ruling, ______.

the request must detail all relevant facts related to the transaction for which the ruling is being requested the transaction should either be a proposed transaction or a completed one for which a return has not been filed a user's fee must be paid to the IRS to receive such a ruling

In using the topical index of a commercial tax service to locate relevant authority, ______.

the researcher should review the documents or references located using the index for potential cross-references to other useful references. a single term may appear in multiple places within the service.

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TAX FINAL EXAM

Set pelajaran terkait

lesson 10

CHAPTER 11

MNGT 450 Final

Chapter 12 Self Test

Acct study guide 1

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Macroeconomics

Mental Health Evolve Chapter 1

Units 5 and 6 Physics II

Exam 2

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Vocabulario de palabras con /y/, /ll/

Statistical Learning Midterm 1

political geography (chapter 8): study guide

Pronom 'Y' - (objets) les verbes suivants sont tous suivis de la préposition 'à'

英文法ハイパートレーニングレベル１ ユニット２０

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