Quiz #4 Answers

Quiz #4 Answers - 1 (IRC, A.SectionATaxImposed...

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1. What is the number of the first section of the Internal Revenue Code (IRC), and what does it contain?  A.  Section A - Tax Imposed B.  Section 1 - Tax Imposed C.  Section A - Tax Computation D.  Section 1 - Tax Computation Response: B Answer: B Points: 1 / 1 Comment: Well done! 2. What is the number of the last section of the Code, and what is its title? A.  Section 9834 - Enforcement B.  Section 10,000 - Regulation C.  Section 9833 - Regulations D.  Section 10,000 - Procedures Response: A Answer: A Points: 1 / 1 Comment: Incorrect. The last Section is 9834--Enforcement 3. Do the key words "personal exemption" appear in the IRC? If so, in how many Code Sections does the phrase  appear? A.  No B.  Yes - 5-10 Sections C.  Yes - 1 Section D.  Yes - More than 10 Sections. Response: D Answer: D Points: 1 / 1
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Comment: You are correct! The word personal exemption is found far more than 10 times. 4. Section 151(a) generally grants an exemption deduction to individuals. However, for certain individuals, the  exemption amount is zero or the exemption is denied. Which Code section(s) (subsections, etc.) below may  operate to cause this result? A.  Section 151(e) B.  Section 151(d)(2) C.  Section 151(d)(3) D.  All of the above are correct. Response: D Answer: D Points: 1 / 1 Comment: You are a Codehead! Good job! 5. Taxpayers are entitled to claim an exemption for each dependent. There are several conditions that must be  met in order to claim a person as a dependent. Section 152(a) indicates that the term “dependent” means either  a qualifying child or a qualifying relative. Which of the following statements is FALSE? A.
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Quiz #4 Answers - 1 (IRC, A.SectionATaxImposed...

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