Quiz 7 Fed Income Tax

Quiz 7 Fed Income Tax - Question 1 0 out of 2 points An...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Question 1 0 out of 2 points An individual generally may claim a credit for adoption expenses in the year in which the expenses are paid. Answer Selected Answer: Correct Answer: Question 2 0 out of 2 points A realized gain on the sale or exchange of a personal use asset is recognized, but a realized loss on the sale or exchange of a personal use asset is not recognized. Answer Selected Answer: Correct Answer: Question 3 0 out of 2.5 points Which of the following statements is true regarding the education tax credits? Answer Selected A.
Background image of page 1

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

View Full DocumentRight Arrow Icon
Answer: The Lifetime Learning credit is available for qualifying tuition and related expenses incurred by students pursuing only graduate degrees. Correct Answer: E. None of the above statements is true. Question 4 2.5 out of 2.5 points My favorite course is: Answer Selected Answer: Federal Income Taxes Correct Answer: Federal Income Taxes Question 5 0 out of 2.5 points Harry and Wilma are married and file a joint income tax return. On their tax return, they report $44,000 of adjusted gross income ($20,000 salary earned by Harry and $24,000 salary earned by Wilma) and claim two exemptions for their dependent children. During the year, they pay the following amounts to care for their 4-year old son and 6-year old daughter while they work.
Background image of page 2
ABC Day Care Center Mrs. Mason (Harry’s mother) Harry and Wilma may claim a credit for child and dependent care expenses of: Answer Selected Answer: $1,240. Correct Answer: $1,200. Question 6 7.5 out of 8 points Bob and Sally are married, file a joint tax return, have AGI of $108,000, and have two children. Del is beginning her freshman year at State College during Fall 2010, and Owen is beginning his senior year at Southwest University during Fall 2010. Owen completed his junior year during the Spring semester of 2009 (i.e., he took a “leave of absence” during the 2009- 2010 school year). Both Del and Owen are claimed as dependents on
Background image of page 3

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

View Full DocumentRight Arrow Icon
their parents’ tax return. Del’s qualifying tuition expenses and fees total $5,000 for the Fall semester, while Owen’s qualifying tuition expenses were $6,100 for the Fall 2010 semester. Del’s room and board costs were $3,200 for the Fall semester. Owen did not incur room and board costs since he lived with his aunt and uncle during the year. Full payment is made for the tuition and related expenses for both children at the beginning of each semester. In addition to the children’s college expenses, Bob also spent $3,000 on professional education seminars during the year in order to maintain his license as a practicing dentist. Bob attended the seminars during July and August 2010. (Show all your work for partial credit review) Compute the
Background image of page 4
available education tax credits for Bob and Sally for 2010 (show your calculations for partial credit review). Answer
Background image of page 5

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

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/04/2011 for the course FED INCOME 101 taught by Professor ?? during the Spring '11 term at Post.

Page1 / 21

Quiz 7 Fed Income Tax - Question 1 0 out of 2 points An...

This preview shows document pages 1 - 6. Sign up to view the full document.

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