Question 1

During 2012, Jackson had the following capital gains and losses:

Accepted Answer

The answer of During 2012, Jackson had the following capital...

Question 2

Many taxpayers who previously itemized will start claiming the standard deduction when they purchase a home.

Accepted Answer

A) True 
 B)False

Question 3

During 2012, Madison had salary income of $80,000 and the following capital transactions:
  How are these transactions handled for income tax purposes?

Accepted Answer

Combining the long-term transactions yie...

Question 4

Kyle and Liza are married and under 65 years of age.During 2012, they furnish more than half of the support of their 19-year old daughter, May, who lives with them.She graduated from high school in May 2011. May earns $15,000 from a part-time job, most of which she sets aside for future college expenses.Kyle and Liza also provide more than half of the support of Kyle's cousin who lives with them.Liza's father, who died on January 3, 2012, at age 90, has for many years qualified as their dependent.How many personal and dependency exemptions should Kyle and Liza claim?

Accepted Answer

A)  Two.
B)  Three.
C)  Four.
D)  Five.
E)  None of the above.F) A) and E)
G) None of the above

Question 5

Darren, age 20 and not disabled, earns $4,000 during 2012.Darren's parents cannot claim him as a dependent unless he is a full-time student.

Accepted Answer

A) True 
 B)False

Question 6

In 2012, Hal furnishes more than half of the support of his ex-wife and her father, both of whom live with him.The divorce occurred in 2011.Hal may claim the father-in-law and the ex-wife as dependents.

Accepted Answer

A) True 
 B)False

Question 7

Contrast the tax consequences resulting from the following filing status situations:

Accepted Answer

The answer of Contrast the tax consequences resulting from the...

Question 8

Roy and Linda were divorced in 2011.The divorce decree awards custody of their children to Linda but is silent as to who is entitled to claim them as dependents.If Roy furnished more than half of their support, he can claim them as dependents in 2012.

Accepted Answer

A) True 
 B)False

Question 9

When filing their Federal income tax returns, the Youngs always claimed the standard deduction.After they purchased a home, however, they started to itemize their deductions from AGI.

Accepted Answer

The answer of When filing their Federal income tax returns,...

Question 10

As opposed to itemizing deductions from AGI, the majority of individual taxpayers choose the standard deduction.

Accepted Answer

A) True 
 B)False

Exam 3: Computing the Tax

During 2012, Madison had salary income of $80,000 and the following capital transactions: How are these transactions handled for income tax purposes?

Correct Answer
verified
Combining the long-term transactions yie...
View Answer

Roy and Linda were divorced in 2011.The divorce decree awards custody of their children to Linda but is silent as to who is entitled to claim them as dependents.If Roy furnished more than half of their support, he can claim them as dependents in 2012.

Correct Answer
verified

Darren, age 20 and not disabled, earns $4,000 during 2012.Darren's parents cannot claim him as a dependent unless he is a full-time student.

Correct Answer
verified

As opposed to itemizing deductions from AGI, the majority of individual taxpayers choose the standard deduction.

Correct Answer
verified

In 2012, Hal furnishes more than half of the support of his ex-wife and her father, both of whom live with him.The divorce occurred in 2011.Hal may claim the father-in-law and the ex-wife as dependents.

Correct Answer
verified

When filing their Federal income tax returns, the Youngs always claimed the standard deduction.After they purchased a home, however, they started to itemize their deductions from AGI.

Correct Answer
verified

Contrast the tax consequences resulting from the following filing status situations:

Correct Answer
verified

Many taxpayers who previously itemized will start claiming the standard deduction when they purchase a home.

Correct Answer
verified

During 2012, Jackson had the following capital gains and losses:

Correct Answer
verified

Correct Answer
verified

Exam 3: Computing the Tax

During 2012, Madison had salary income of $80,000 and the following capital transactions: How are these transactions handled for income tax purposes?

Correct AnswerverifiedCombining the long-term transactions yie...View AnswerShow Answer

Roy and Linda were divorced in 2011.The divorce decree awards custody of their children to Linda but is silent as to who is entitled to claim them as dependents.If Roy furnished more than half of their support, he can claim them as dependents in 2012.

Correct AnswerverifiedShow Answer

Darren, age 20 and not disabled, earns $4,000 during 2012.Darren's parents cannot claim him as a dependent unless he is a full-time student.

Correct AnswerverifiedShow Answer

As opposed to itemizing deductions from AGI, the majority of individual taxpayers choose the standard deduction.

Correct AnswerverifiedShow Answer

In 2012, Hal furnishes more than half of the support of his ex-wife and her father, both of whom live with him.The divorce occurred in 2011.Hal may claim the father-in-law and the ex-wife as dependents.

Correct AnswerverifiedShow Answer

When filing their Federal income tax returns, the Youngs always claimed the standard deduction.After they purchased a home, however, they started to itemize their deductions from AGI.

Correct AnswerverifiedShow Answer

Contrast the tax consequences resulting from the following filing status situations:

Correct AnswerverifiedShow Answer

Many taxpayers who previously itemized will start claiming the standard deduction when they purchase a home.

Correct AnswerverifiedShow Answer

During 2012, Jackson had the following capital gains and losses:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified
Combining the long-term transactions yie...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified