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(Solved by Expert Tutors) I need to be answer in 3 hrs. But not details needed ony answers


I need to be answer in 3 hrs. But not details needed ony answers.

Question 1 of

30

If a corporation currently earns taxable income of $10,000,000, its marginal tax rate is:


Question 2 of 30

In order to get an automatic extension to file its tax return, a corporation must file which of the following forms?


Form 1040

Form 7004

Form 1065

None of these answers are correct

Form 1120


Question 3 of 30

A taxpayer can choose to deduct actual auto costs (including depreciation) or take a mileage rate of $.235 per mile in 2014 for qualified moving expenses.

True

False


Question 4 of 30

Currently, the top income tax rate in effect is not the highest it has ever been.

True

False


Question 5 of 30

Consider the following facts:

- Taxpayer A is a widow, age 80 and blind

- She can be claimed as a dependent by her son

- In 2014, she received $4,800 from Social Security

- She earned $2,500 interest from her bank account

- She received $1,800 in cash dividends from her stocks


Taxpayer A's taxable income is:


Question 6 of 30

Married persons who file separate tax returns cannot take a deduction for qualified tuition and related expenses.


Question 7 of 30

Consider the following facts:

- Taxpayer A is age 15

- He is claimed as a dependent by his grandmother

- During 2014, he earned interest income of $1,000 from Bubble Corporation bonds

- He had $700 of earnings from a job


Taxpayer A's taxable income is:

Question 8 of 30

Consider the following facts:

- A corporation has a fiscal year-end of August 31, 2015.


The due date for the corporation's tax return is:


Question 9 of 30

In January 2014, Jason's wife dies and he does not remarry. For tax year 2014, Jason may not be able to use the filing status available to married persons filing joint returns.


Which of the following statements is false?


Miscellaneous itemized deductions must be added together and the deductible amount is the excess of 2% of the taxpayer's AGI.


A taxpayer is considered to be an employee of a company if the company furnishes his/her place of work.


A tax return preparation fee is an example of a miscellaneous itemized deduction.


Taxpayers can deduct reimbursed business expenses that exceed 2% of their AGI.


None of these answers are correct.


Question 11 of 30

Which of the following statements is true?


If a taxpayer is claimed as a dependent of another, no basic standard deduction is allowed.


If a taxpayer dies during the year, his (or her) standard deduction must be prorated.


If a taxpayer is claimed as a dependent of another, his (or her) additional standard deduction is allowed in full (i.e., no adjustment is necessary).


If spouses file separate returns, both spouses must claim the standard deduction (rather than itemize their deductions from AGI).


None of these answers are correct


Question 12 of 30

Scotty Silicon informs you that he received a "tax?free" reimbursement in 2014 of some medical expenses he paid in 2013. Which of the following statements best explains why Scotty is not required to report the reimbursement in gross income?




Scotty did not itemize deductions in 2013.


Scotty itemized deductions in 2014 but not in 2013.

?


Scotty itemized deductions in 2013.


Scotty did not itemize deductions in 2014.


Scotty itemized deductions in 2014.


Question 13 of 30

Consider the following facts:

- Bill and Nancy are married

- Bill is age 33 and Nancy is age 32

- They have a combined AGI of $120,000 in 2014.

- They have four dependents and file a joint return.?

- They pay $5,000 for a high deductible health insurance policy and contribute $2,600 to a qualified Health Savings Account.?

- During the year, they paid the following amounts for medical care:? $9,200 in doctor and dentist bills and hospital expenses, and $3,000 for prescribed medicine and drugs.?

- In October 2014, they received an insurance reimbursement of $4,400 for the hospitalization.?

- They expect to receive an additional reimbursement of $1,000 in January 2015.


What is the maximum itemized deduction allowable for medical expenses in 2014?


Question 14 of 30

Joe and Janet are husband and wife and file separate returns for the year. If Joe itemizes his deductions from AGI, Janet cannot claim the standard deduction.

True

False


Question 15 of 30

Consider the following facts:

- Taxpayer A is 17 years old

- She is claimed by her parents as a dependent

- During 2014, she had interest income (from a bank account) of $2,000

- During 2014, she had a part-time job that paid her $4,200


Taxpayer A's taxable income for 2014 is:


Question 16 of 30

Consider the following facts:

- Mrs. M is age 80 and is supported as follows by multiple individuals:

1. 20% support from a son

2. 35% support from a daughter

3. 25% support from a cousin

4. 20% support from an unrelated family friend


- During the year, Mrs. M lives in an assisted living facility.


Under a multiple support agreement, which of the parties below can qualify to claim Mrs. M as a dependent?



Question 17 of 30

see attached questions


Question 18 of 30

The partners in a partnership can deduct losses up to 125% of their basis in the partnership.

True

False


Question 19 of 30

Which of the following statements is true with respect to corporate entities?


None of these answers are correct.


Entities with more than one owner can elect to be taxed as a partnership, sole proprietorship or corporation.


Entities with only one owner can elect to be taxed as a partnership or a corporation.


Entities with only one owner can elect to be taxed as a limited partnership or a Subchapter S Corporation.


Entities with only one owner can elect to be taxed as a sole proprietorship or a corporation.


Question 20 of 30

Which of the following statements is true?

None of these answers are correct.


A partnership is a conduit entity.


A sole proprietorship is a separate taxable entity.


A sole proprietorship is a flow-through entity.


Question 21 of 30

Consider the following facts:

- Brandon, age 50, is employed as an actuary.

- His AGI for 2014 was $130,000

He had the following medical expenses in 2014:

Medical insurance premiums

$5,300

Doctor and dentist bills for Derrick and Jane (Brandon's parents)

$7,900

Doctor and dentist bills for Brandon

$5,100

Prescribed medicines for Brandon

$830

Non-prescribed insulin for Brandon

$960


Don and Julie would qualify as Brandon's dependents except that they file a joint return. Brandon's medical insurance policy does not cover them. Brandon filed a claim for $4,800 of his own expenses with his insurance company in November 2014 and received the reimbursement in January 2015.?


What is Brandon's maximum allowable medical expense deduction for 2014?


A regular corporation is a conduit entity.


Question 22 of 30

Which of the following statements is true?

Reimbursed moving expenses are deductible above the line.


Unreimbursed moving expenses are deductible below the line.


If an employee incurs education expenses that allows him to qualify for a new trade, then those expenses are tax deductible.


The cost of meals, while moving, are not deductible moving expenses.


None of these answers are correct.


Question 23 of 30

Jonathan and Janet are ages 72 and 71 and file a joint return. If they have itemized deductions of $14,600 for 2014, they should not claim the standard deduction.

True

False


Question 24 of 30

The basic and additional standard deductions both are subject to an annual adjustment for inflation.

True

False


Question 25 of 30

Which of the following statements is true?


The cost of a student's books, room and board are considered qualified tuition and related expenses.


A taxpayer's membership dues to a health club is a deductible entertainment expense.


None of these answers are correct.


An employee's gift to his employer is a deductible entertainment expense.


Business gifts of personal property with a value of $25 or less per person per year are deductible entertainment expenses.


Question 26 of 30

The additional standard deduction for age and blindness is greater for married taxpayers than for single taxpayers.

True

False

Question 27 of 30

Which of the following statements is false?


Any property involved in a 1031 exchange that is not like-kind property is called "boot".


None of these answers are correct


Any property involved in a 1031 exchange that is not like-kind property is called "residual".


A married, filing jointly taxpayers may exclude up to a total of $500,000 of gain on the sale of their principal residence.


A single taxpayer may exclude up to $250,000 of gain on the sale of a principal residence.


Question 28 of 30

Consider the following facts:

- Taxpayers A and B are husband and wife and file a joint return for 2014.

- Taxpayers A and B are both under 65 years old.

- They provide more than half of the support of their daughter who is age 25.

- Their daughter is a full-time medical student.

- Their daughter receives a $5,000 scholarship that covers her tuition at college.

- Taxpayers A and B also furnish all the support for Taxpayer A's grandmother, who is age 80 and lives in a nursing home.

- Taxpayers A and B also support a friend of the family who lives with them. The friend is age 66.


How many dependency exemptions may Taxpayers A and B claim in 2014?


Question 29 of 30

Using the Mid-Month Convention, an asset purchased on May 30, 2015 and placed in service on July 15, 2015 would be treated as:


placed in service on May 30, 2015


placed in service on July 15, 2015


placed in service on June 30, 2015


None of these answers are correct


placed in service on July 1, 2015


Question 30 of 30

Jaackson pays a $3,800 premium for high-deductible medical insurance for himself and his family. In addition, he contributes $3,400 to a Health Savings Account. Which of the following statements is true?


If Jackson is self-employed, he may deduct $7,200 as a deduction for AGI.


If Jackson is self-employed, he may deduct $3,400 as a deduction for AGI and may include the $3,800 premium when calculating his itemized medical expense deduction.


None of these answers are correct


If Boris is an employee, he may include $7,200 when calculating his itemized medical expense deduction.


If Jackson is an employee, he may deduct $7,200 as a deduction for AGI.

 


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DATE ANSWERED

Apr 19, 2020

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