Individual Tax MC - Individual Tax MC Q.1 Which of the...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Individual Tax MC Q.1 Which of the following is a deduction for AGI? a. Alimony payments. b. Interest on home mortgage. c. Unreimbursed employee expenses. d. Charitable contributions. Q.2 Tammy had the following transaction in 2008: Salary $40,000 Bank loan (personal loan) 10,000 Alimony received 6,000 Child support received 12,000 Inheritance from deceased aunt 50,000 Tammy’s AGI is: a. $40,000. b. $46,000. c. $52,000. d. $96,000. Q.3 Tom and Missy Carter are husband and wife and file a joint return for 2008. Both are 45 years of age. They provide more than half of the support of their daughter, Mindy (age 25), who is a full-time medical student. Mindy receives a $3,400 scholarship covering her room and board at college. They furnish all of the support of Mandy (Tom’s grandmother), who is age 70 and lives in a nursing home. They also support Mary (age 66), who is a friend of the family and lives with them. How many personal and dependency exemptions may the Carters claim? a. Two. b. Three. c. Four. d. Five. Q.4 In which, if any, of the following situations may the individual not be claimed as a dependent of the taxpayer? a. A former spouse who lives with the taxpayer (divorce took place this year). b. A stepmother who does not live with the taxpayer. c. A married daughter who lives with the taxpayer. d. A half brother who does not live with the taxpayer and is a citizen and resident of Canada.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Q.5 Windy purchased a U.S. Series EE savings bond for $279. The bond has a maturity value in 10 years of $500 and yields 6% interest. This is the first Series EE bond that Wind has ever owned. a. Windy must report the interest income each year using the original issue discount rules. b. Windy can report all of the $221 interest income in the year the bond matures.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/08/2009 for the course ACCT REG 5744 taught by Professor Smith during the Spring '09 term at Nova Southeastern University.

Page1 / 5

Individual Tax MC - Individual Tax MC Q.1 Which of the...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online