Quiz_7Chapter11-12

Quiz_7Chapter11-12 - Quiz#7:Chapter11-12 Student This quiz includes 30 multiple choice questions You have 20 minutes Good luck BE SURE TO WRITE

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Quiz#7:Chapter11-12 Student: ___________________________________________________________________________ This quiz includes 30 multiple choice questions. You have 20 minutes. Good luck. BE SURE TO WRITE YOUR NAME CLEARLY AND MAKR YOUR ANSWER WITHOUT CONFUSION. 1. In California, the inheritance and gift taxes have been A.increased. C.combined. B.reduced. D.abolished. 2. Unless an extension is given, a federal income tax return must be filed for the preceding tax year by A.April 15. C.August 15. B.May 15. D.October 15. 3. Taxes charged in direct relation to property value are A.illegal. B.paid annually. C. ad valorem taxes. D.paid upon a sale only. 4. Real property taxes become a lien on A.November 1. C.January 1. B.February 1. D.July 1. 5. A personal residence and business equipment are considered A.personal property. C.real property. B.capital assets. D.intangible property. 1
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6. The person responsible for determining assessed values is the A.county tax collector. B.county supervisor. C.sheriff. D.county assessor. 7. The second property tax installment is delinquent after A.December 10. C.April 10. B.February 1. D.May 16. 8. A principal residence must be occupied for how long to take advantage of the maximum exclusion of profit from taxable income? A.one year C.two years B.18 months D.five years 9. The first property tax installment of the tax year is due on A.July 1. C.February 1. B.November 1. D.April 1. 10. The purpose of the property tax assessed value is to A.establish the base value. B.equalize property taxes. C.create the transfer tax rate. D.insure all counties are equal. 11. When all past-due property taxes are paid, the county tax collector issues a A.receipt for unpaid taxes. B.letter of credit. C.certificate of redemption. D.release of equity. 2
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12. With respect to investment property, an investor can make use of A.the residence replacement rule. B.exclusion from taxation. C.property tax postponement. D.mortgage interest deductions from property income. 13. For 2008, all of the following are deductions from a homeowner's gross income for purposes of federal income taxation EXCEPT A.mortgage interest on a loan of $750,000. B.PMI on a loan that originated in 2008 C.mortgage interest on combined first and second home loans totaling $935,000. D.depreciation based on a 39-year schedule. 14. Mario died in 2006, leaving only his separate property estate valued at $500,000. Must an estate tax return be filed? A.Yes B.No C.Only if Mario was a widower D.Only if the estate is probated 15. Property that can be depreciated for income tax purpose is called A.recovery property. B.tax basis.
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This note was uploaded on 02/23/2010 for the course FIN 81824 taught by Professor Mcgrath during the Winter '09 term at CSU San Bernardino.

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Quiz_7Chapter11-12 - Quiz#7:Chapter11-12 Student This quiz includes 30 multiple choice questions You have 20 minutes Good luck BE SURE TO WRITE

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