TB Individual Income ch. 03

TB Individual Income ch. 03 - CHAPTER 3 TAX FORMULA AND TAX...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 3 TAX FORMULA AND TAX DETERMINATION; AN OVERVIEW OF PROPERTY TRANSACTIONS Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus, users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Learning Objective, Level of Difficulty, Estimated Time to Completion, and the AACSB’s and AICPA’s Core Competencie s for each test item are located within the item itself. Status: Q/P Question/ Present in Prior Problem Topic Edition Edition TRUE OR FALSE 1 Level of current income tax rates Unchanged 1 2 Definition of “gross income” Unchanged 2 3 Income tax formula: distinction between deductions New for and from AGI 4 Above the line deductions: meaning of New 5 Page 1 deductions: meaning of New 6 Exclusions: Form 1040 treatment New 7 Income tax formula: placement of taxable income New 8 Income tax formula: relevance of filing status New 9 Income taxation and example of global approach Unchanged 3 10 Effect of AGI on the medical deduction Unchanged 4 11 Filing status: surviving spouse versus married filing Unchanged 5 separate 12 Additional standard deductions: single and married Unchanged 6 amounts 13 Standard deduction and adjustment for inflation Unchanged 7 14 Standard deduction: property taxes New 15 Standard deduction: different types New 16 Additional standard deduction of a dependent Unchanged 8 17 Itemized deductions versus standard deduction New 18 Basic and additional standard deductions New 19 Itemized deductions or standard deduction Unchanged 11 20 Itemized deductions or standard deduction New 21 Itemized deductions or standard deduction New 22 Standard deduction for resident alien Unchanged 14
Background image of page 1

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

View Full DocumentRight Arrow Icon
23 Standard deduction requirements when married Unchanged 15 persons file separately 24 Standard deduction: year of death Unchanged 16
Background image of page 2
Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 25 Dependent’s standard deduction Unchanged 17 26 Dependent’s standard deduction Unchanged 18 27 Dependent’s standard deduction Unchanged 19 28 Dependent’s personal exemption not allowed Unchanged 20 29 Claiming a spouse on a separate return Unchanged 21 30 Determination of marital status Unchanged 22 31 Determination of marital status Unchanged 23 32 Gross income test and scholarships New 33 Support test and capital expenditures Unchanged 25 34 Support test and unexpended funds of dependent Unchanged 26 35 Multiple support agreement: amount of support Unchanged 27 rendered by dependent 36 Divorce decree silent: custodial parent wins Unchanged 28 37 Relationship test for former in-laws and ex-wife Unchanged 29 38 Relationship test: ex-sister-in-law Unchanged 30 39 Qualifying child: age test and full-time student Unchanged 31 status 40 Qualifying child: abode test Unchanged 32 41 Married child and joint return test Unchanged 33 42 Citizenship/residency test for dependents Unchanged 34 43
Background image of page 3

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

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 60

TB Individual Income ch. 03 - CHAPTER 3 TAX FORMULA AND TAX...

This preview shows document pages 1 - 4. Sign up to view the full document.

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