Question 1

Married taxpayers who file a joint return cannot later (i.e., after the filing due date) switch to separate returns for that year.

Accepted Answer

A) True 
 B)False

Question 2

Perry is in the 33% tax bracket. During 2014, he had the following capital asset transactions:
Gain from the sale of a stamp collection (held for 10 years)$\quad$$ 30,000
Gain from the sale of an investment in land (held for 4 years)$\quad$10,000
Gain from the sale of stock investment (held for 8 months)$\quad$4,000
4,000
Perry's tax consequences from these gains are as follows:
A)$ (15 \% \times \$ 30,000)+(33 \% \times \$ 4,000) $
B) $ (15 \% \times \$ 10,000)+(28 \% \times \$ 30,000)+(33 \% \times \$ 4,000) $
C) $ (0 \% \times \$ 10,000)+(28 \% \times \$ 30,000)+(33 \% \times \$ 4,000) $.
D) $ (15 \% \times \$ 40,000)+(33 \% \times \$ 4,000) $.
E)None of the ahove

Accepted Answer

The answer of Perry is in the 33% tax bracket....

Question 3

Under what circumstances, if any, may an ex-spouse be claimed as a dependent?

Accepted Answer

As an ex­spouse does not meet the relati...

Question 4

During the year, Kim sold the following assets: business auto for a $1,000 loss, stock investment for a $1,000 loss, and pleasure yacht for a $1,000 loss. Presuming adequate income, how much of these losses may Kim claim?

Accepted Answer

A)   $0.
B)   $1,000.
C)   $2,000.
D)   $3,000.
E)   None of the above.F) A) and C)
G) C) and D)

Question 5

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

Accepted Answer

A)  Not available to 65-year old taxpayer who itemizes.
B)  Exception for U.S. citizenship or residency test (for dependency exemption purposes) .
C)  Largest basic standard deduction available to a dependent who has no earned income.
D)  Considered for dependency exemption purposes.
E)  Qualifies for head of household filing status.F) A child (age 15)  who is a dependent and has only earned income.G) Considered in applying gross income test (for dependency exemption purposes) .H) Not considered in applying the gross income test (for dependency exemption purposes) .I) Unmarried taxpayer who can use the same tax rates as married persons filing jointly.J) Exception to the support test (for dependency exemption purposes) .K) A child (age 16)  who is a dependent and has only unearned income of $4,500.L) No correct match provided.M) D) and I)
N) D) and J)

Exam 3: Computing the Tax

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

Correct Answer
verified

During the year, Kim sold the following assets: business auto for a $1,000 loss, stock investment for a $1,000 loss, and pleasure yacht for a $1,000 loss. Presuming adequate income, how much of these losses may Kim claim?

Correct Answer
verified

Under what circumstances, if any, may an ex-spouse be claimed as a dependent?

Correct Answer
verified
As an exspouse does not meet the relati...
View Answer

Married taxpayers who file a joint return cannot later (i.e., after the filing due date) switch to separate returns for that year.

Correct Answer
verified

Correct Answer
verified

Exam 3: Computing the Tax

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

Correct AnswerverifiedShow Answer

During the year, Kim sold the following assets: business auto for a $1,000 loss, stock investment for a $1,000 loss, and pleasure yacht for a $1,000 loss. Presuming adequate income, how much of these losses may Kim claim?

Correct AnswerverifiedShow Answer

Under what circumstances, if any, may an ex-spouse be claimed as a dependent?

Correct AnswerverifiedAs an ex­spouse does not meet the relati...View AnswerShow Answer

Married taxpayers who file a joint return cannot later (i.e., after the filing due date) switch to separate returns for that year.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
As an exspouse does not meet the relati...
View Answer

Correct Answer
verified

Correct Answer
verified