Second Exam.docx - Second Exam Saque 97.5/100 Course Test...

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Second ExamSaque 97.5/100CourseFall 2017 Taxation of IndividualsTestGraded_Exam_2_Covering_Chapters_6Started11/14/17 7:35 PMSubmitted11/14/17 10:10 PMStatusCompletedAttempt Score78 out of 80 points Time Elapsed2 hours, 34 minutes out of 3 hoursQuestion 11 out of 1 pointsSandra is single and does a lot of business entertaining at home. Because Arthur, Sandra’s 80-year old dependent grandfather who lived with Sandra, needs medical and nursing care, he moved to Twilight Nursing Home. During the year, Sandra made the following payments on behalf of Arthur:Room at Twilight$4,500Meals for Arthur at Twilight850Doctor and nurse fees700Cable TV service for Arthur’s room107Total$6,157Twilight has medical staff in residence. Disregarding the AGI floor, how much, if any, of these expenses qualify for a medical deduction by Sandra?Question 21 out of 1 pointsMarsha is single, had gross income of $50,000, and incurred the following expenses:Charitable contribution$2,000Taxes and interest on home7,000Legal fees incurred in a tax dispute1,000Medical expenses3,000Penalty on early withdrawal of savings250
Her AGI is:Question 31 out of 1 pointsMorley, a single taxpayer, had an AGI of $40,000 before considering the following items:Loss from damage to rental property($6,000)Loss from theft of bonds(3,000)Personal casualty gain4,000Personal casualty loss (after $100 floor)(9,000)Determine the amount of Morley’s itemized deduction from the losses.Question 41 out of 1 pointsBoris 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 trueQuestion 5?1 out of 1 pointsWhich of the following statements is FALSE? Question 61 out of 1 pointsWhich, if any, of the following is anadvantageof using the simplified method for determining the office in the home deduction?Question 71 out of 1 pointsThe § 222 deduction for tuition and related expenses is available:Question 81 out of 1 pointsWhich of the following assets would be subject to cost recovery?Question 91 out of 1 pointsWhich of the following statements is FALSE?
Question 101 out of 1 pointsWhich of the following can be claimed as a deduction forAGI?Question 111 out of 1 pointsIn 2015,Sarah (who files as single) had silverware worth $10,000 (basis $6,000) stolen from her home. Sarah’s insurance company told her that her policy did not cover the theft. Sarah’s other itemized deductions last year were $2,000. She had AGI of $30,000 last year. In August of 2016Sarah’s insurance company decided that Sarah’s policy did cover the theftof the silverware and they paid Sarah $5,000. Determine the tax treatment of the $5,000 received by Sarah during 2016Question 12, .1 out of 1 points

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