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midterm exam - STUDENT NAME University of California...

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STUDENT NAME ___________________________________ University of California, Riverside Bus 168A - Individual Federal Taxation - Midterm Exam - Winter 2010 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Which, if any, of the following is a deduction for AGI? a. Alimony payments. b. Interest on home mortgage. c. Unreimbursed employee expenses. d. Charitable contributions. e. None of the above. ____ 2. During 2009, Marie had the following transactions: Salary $40,000 Bank loan (proceeds used to buy personal auto) 10,000 Alimony received 6,000 Child support received 12,000 Inheritance from deceased aunt 50,000 Marie’s AGI is: ____ 3. During 2009, Sam had the following transactions: Salary $60,000 Interest income on General Electric Corporation bonds 2,000 Gift from parents 24,000 Contribution to traditional IRA 5,000 Lottery winnings 3,000 Sam’s AGI is: ____ 4. Merle, age 17, is claimed by her parents as a dependent. During 2009, she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200. Merle’s taxable income is:
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