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exam04 -...

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Grading Summary The computed results for this student's exam are below. Date Taken: 7/31/2009 Time Spent: 2: 23: 03 (2: 30 allowed) Points Received: 29 / 40 (72.5%) Question Type: # Questions: # Correct: True/False 20 13 Multiple Choice 20 16 Grade Details 1. Question : A joint income tax return which includes a decedent may not be filed if the surviving spouse has remarried before the end of the tax year in which the decedent dies. Student Answer: True False 2. Question : The decedent's medical expenses paid by the estate can be treated as paid at the time they are incurred and deducted on the decedent's final income tax return as long as they are paid within two years of the decedent's death. Student Answer: True False 3. Question : It is possible for one person to be both an income beneficiary and a remainder beneficiary of the same trust. Student Answer: True False 4. Question : The basis of trust assets would usually be a carryover basis from the trust grantor. Student Answer: True False 5. Question : A deduction to a Keogh plan for the prior year is allowed as long as the plan is established and the contribution made by the due date of the return (including extensions). Student Answer: True False 6. Question : If a qualified pension plan is contributory, the annuitant may use either the "exclusion ratio" or the "cost recovery" methods of reporting. Student Answer: True False http://exams.next.ecollege.com/Main/ExamGrades/GrdStuden... 1 of 6 8/5/09 6:17 PM
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7. Question : Unemployed individuals may be able to take early withdrawals from qualified pension plans to pay for medical insurance premiums without being subject to the penalty tax. Student Answer: True False 8. Question : Under the SIMPLE pension plans, employers must contribute an amount equal to 5 percent of their employees' earnings. Student Answer: True False 9. Question : SIMPLE plans may be administered by companies with 100 or more employees earning $5,000 or more in the previous year. Student Answer: True False 10. Question : Employees may be subject to a fine of up to 25 percent of the amount withdrawn for early withdrawal from a SIMPLE. Student Answer: True False 11. Question : Contributions to a SIMPLE do not vest until the employee has been in the plan for five years.
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