Final_exam_sample_questions

Final_exam_sample_questions - Which one of the following...

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<Q>Which one of the following taxes is imposed at the federal level? <C>Sales tax <C>Property tax <C+>Estate tax <C>Use tax <Q>Which one of the following ‘Deductions for AGI’ is subject to a $5,000 limit? <C>Self-employed health insurance deduction <C+>IRA contributions <C>Alimony payments <C>Tuition and fees deduction <Q>Which one of the following statements is false? <C>If a taxpayer withdraws money from an IRA prior to reaching age 59 and ½, the taxpayer is generally subject to a 10% penalty on the early withdrawal. . <C>Roth IRAs are not tax deductible. <C>IRA contributions can be made as late as April 15th of the following year and yet still be deducted on the current year’s income tax return. <C+>Upon death, the value of IRA accounts is turned over to the Federal government. <Q>Which one of the following items is not taxable? <C>Royalties <C>Gambling winnings <C>Rewards <C+>Municipal bond interest <Q>Which one of the following items is taxable? <C>Child support payments
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This note was uploaded on 10/19/2011 for the course ACCT 2000 taught by Professor Holmes during the Fall '08 term at LSU.

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Final_exam_sample_questions - Which one of the following...

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