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Quiz_7Chapter11-12 - Quiz#7:Chapter11-12 Student This quiz...

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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 3. Taxes charged in direct relation to property value are 4. Real property taxes become a lien on 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 7. The second property tax installment is delinquent after 8. A principal residence must be occupied for how long to take advantage of the maximum exclusion of profit from taxable income? B.18 months 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 11. When all past-due property taxes are paid, the county tax collector issues a 2
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12. With respect to investment property, an investor can make use of 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.
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