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8/3/2019 Milan Quiz Chp 3
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Chapter 3 Quiz
Milan Singh
Started: February 11, 2012 3:58 PM
Questions: 10
1.COMPREHENSIVE VOLUME CHAPTER 3²TAX DETERMINATION; PERSONAL ANDDEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Question TF#5(Points: 2)
An ³above the line´ deduction refers to a deduction for AGI.
1. False
2. True
true
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2.COMPREHENSIVE VOLUME CHAPTER 3²TAX DETERMINATION; PERSONAL ANDDEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Question TF#31(Points: 2)
When separate income tax returns are filed by married taxpayers, one spouse cannot claim theother spouse as an exemption.
1. True
2. False
false
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3.COMPREHENSIVE VOLUME CHAPTER 3²TAX DETERMINATION; PERSONAL AND
DEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Question MC#8(Points: 2)
During 2011, Esther had the following transactions: Salary $50,000Bank loan (proceeds used to buy personal auto) 10,000Alimony received 6,000Child support received 12,000
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Gift from aunt 20,000
Esther¶s AGI is:
1. $56,000.
2. $44,000.
3. $64,000.
4. $38,000.
5. $32,000.
option 1
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4.COMPREHENSIVE VOLUME CHAPTER 3²TAX DETERMINATION; PERSONAL ANDDEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Question TF#58(Points: 2)
When the kiddie tax applies, the child need not file an income tax return because the child¶sincome will be reported on the parents¶ return.
1. True
2. False
false
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5.COMPREHENSIVE VOLUME CHAPTER 3²TAX DETERMINATION; PERSONAL ANDDEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Question TF#39
(Points: 2)In 2011, Hal furnishes more than half of the support of his ex-wife and her father, neither of whom lives with him. The divorce occurred in 2010. Hal may claim the father-in-law and theex-wife as dependents.
1. True
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2. False
false
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6.COMPREHENSIVE VOLUME CHAPTER 3²TAX DETERMINATION; PERSONAL ANDDEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Question TF#8(Points: 2)
Once TI (taxable income) is determined, the taxpayer must make a choice between itemizingor claiming the standard deduction.
1. False
2. True
false
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7.COMPREHENSIVE VOLUME CHAPTER 3²TAX DETERMINATION; PERSONAL ANDDEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Question MC#11(Points: 2)
In 2011, Justin had the following transactions: Salary $90,000Capital loss from a stock investment (4,000)Moving expense to change jobs (11,000)Received repayment of $20,000 loan she made to her brother in 2006(includes no interest) 20,000State income taxes (5,000)
Justin¶s AGI is:
1. $76,000.
2. $73,000.
3. $81,000.
4. $89,000.
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5. $78,000.
otion 1
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8.COMPREHENSIVE VOLUME CHAPTER 3²TAX DETERMINATION; PERSONAL ANDDEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Question TF#16 (Points: 2)
As opposed to itemizing deductions from AGI, the majority of individual taxpayers choose thestandard deduction.
1. True
2. False
true
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9.COMPREHENSIVE VOLUME CHAPTER 3²TAX DETERMINATION; PERSONAL ANDDEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Question TF#34 (Points: 2)
In determining whether the support test is met for dependency exemption purposes, only thetaxable portion of a scholarship is considered.
1. False
2. True
false
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10.COMPREHENSIVE VOLUME CHAPTER 3²TAX DETERMINATION; PERSONAL ANDDEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Question MC#32 (Points: 2)
Which, if any, of the following is a correct statement relating to the kiddie tax?
1. If the kiddie tax applies, the parents must include the income of the child on their ownincome tax return.
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2. None of the above.
3. If the parents are divorced, the income of the noncustodial parent is used to determinethe allocable parental tax.
4. The kiddie tax does not apply if both parents of the child are deceased.
5. The components for the application of the kiddie tax are not subject to adjustment forinflation.
4 true
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