Quiz 6 Fed Income Tax

Quiz 6 Fed Income Tax - liability Answer Selected Answer...

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If a taxpayer chooses not  to claim a foreign tax  credit, the foreign income taxes paid can be claimed  as a deduction. Answer Selected Answer: False Correct Answer: True Question 2 10 out of 10 points There is no income  limitation  imposed with  respect to a  taxpayer's eligibility  for the retirement  savings  contributions credit. Answer Selected Answer: Correct Answer: Question 3 10 out of 10 points The American  Opportunity credit  is generally more  flexible in its  applicability than  the Lifetime  Learning credit. Answer Selected Answer: Correct Answer:
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Question 4 10 out of 10 points A non-working  spouse is  prohibited from  claiming the  child and  dependent care  credit due to the  earned income  limitation. Answer Selected Answer: Correct Answer: Question 5 0 out of 10 points Non-refundable  credits are those  that result in a  payment to the  taxpayer when the  amount of the credit  exceeds the  taxpayer’s tax 
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Unformatted text preview: liability. Answer Selected Answer: Correct Answer: • Question 6 0 out of 10 points In general, a tax credit is more tax advantageous than a tax deduction. Answer Selected Answer: Correct Answer: • Question 7 10 out of 10 points All of the following are non-refundable tax credits except : Answer Selected Answer: Earned income Correct Answer: Earned income • Question 8 10 out of 10 points For 2010, the adoption tax credit is non-refundable with a provision for carryforward. Answer Selected Answer: Correct Answer: • Question 9 10 out of 10 points A tax credit of $1,000 per child may be claimed for any child who otherwise qualifies as the taxpayer's dependent. Answer Selected Answer: Correct Answer: • Question 10 10 out of 10 points I am happy that this is the last quiz for the course. Answer Selected Answer: Correct Answer:...
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This note was uploaded on 11/04/2011 for the course FED INCOME 101 taught by Professor ?? during the Spring '11 term at Post.

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Quiz 6 Fed Income Tax - liability Answer Selected Answer...

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