2020 Tax 610 summer midterm project (2).docx - ST...

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ST. JOHN’S UNIVERSITYNEW YORKTHE PETER J. TOBIN COLLEGE OF BUSINESSDEPARTMENT OF ACCOUNTANCYTax 610 – Individual Tax Planning Prof. Maria M. PirroneMidterm Project Summer 2020This project is due on WEDNESDAY, JUNE 24THat the end of the day. Kindlysubmit the answer sheet. Partial credit will be given for Part II if work is shown.Part IPart I consists of 15 true/false questions (2 points each)for a total of 30 points. Writetrue or false in the space provided after the question and on the answer key on the lastpage of the exam.1.Taxpayers are allowed to take the larger of their itemized deductions or thestandard deduction. __True____________2.The period of time for which support is furnished, not the total cost of support isthe deciding factor in determining if over 50 percent of total support is provided.
3.In determining who furnishes more than 50 percent of the total support of a childwho is a full-time student, scholarships received by the child must be consideredas part of his or her support. False4.An individual who is legally divorced or legally separated at the end of the yearmay claim his former wife’s exemption if he contributed over half of hersupport._False5.A person who is widowed on February 1 may qualify to file a joint return for theyear. True6.If husband or wife file separate returns, both must either itemize or choose thestandard deduction.___True_______7.Status as surviving spouse may be claimed indefinitely, once a widow or widowermeets the specific requirements. False8.The standard deduction in 2019 for a single person who is 66 years of age is$12,200.00 _- False .
9.Employer-provided medical coverage is excluded from an employee’s grossincome. __True10. Funds used for support which a student borrows from a bank must be consideredas part of his or her support. False11. Compensation for damages to a person’s character or for personal injury or illnessis taxable. False12. A scholarship received by a student that represents compensation for past, present,or future services is includible in gross income. True13. An amount called a security deposit which is used as a final payment of rentshould not be included in rental income in the year received, but should beincluded in income in the year the lease expires._True

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