Answers_Chapter_3 - CHAPTER 3 TAX DETERMINATION PERSONAL...

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CHAPTER 3 TAX DETERMINATION; PERSONAL AND DEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Tax formula Unchanged 1 2 Current income tax rates Unchanged 2 3 Gross income: exclusions New 4 Gross income: inclusions New 5 Income tax: international considerations New 6 Issue ID Unchanged 6 7 Issue ID Unchanged 7 8 Dependents and the determination of their standard deduction and personal exemptions Unchanged 8 9 Dependency exemption: treatment of scholarships for the support and gross income tests Unchanged 9 10 Dependency exemption: multiple support agreement Unchanged 10 11 Dependency exemption: gross income and relationship tests New 12 Issue ID New 13 Issue ID Unchanged 13 14 Stealth taxes Unchanged 14 15 Characteristics of the kiddie tax Unchanged 15 16 Filing requirement Unchanged 16 17 Marriage penalty Unchanged 17 18 Marriage penalty Unchanged 18 19 Surviving spouse status Unchanged 19 20 Filing status Unchanged 20 21 Issue ID Unchanged 21 3-1
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3-2 2004 Annual Edition/Solutions Manual Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 22 Treatment of capital gains Unchanged 22 23 Treatment of capital gains Unchanged 23 24 Capital loss tax treatment Unchanged 24 25 Capital transactions: treatment of collectibles Unchanged 25 26 Issue ID New 27 Multiple support agreement: planning for Unchanged 27 * 28 Taxable income calculation Unchanged 28 * 29 Taxable income calculation New * 30 Taxable income calculation New 31 Standard deduction of dependent New 32 Personal and dependency exemptions Unchanged 32 33 Personal and dependency exemptions Unchanged 33 34 Personal and dependency exemptions Modified 34 * 35 Exemption deduction determination: phaseout New * 36 Determine taxable income Unchanged 36 * 37 Unearned income of child under age 14 Unchanged 37 38 Dependency exemptions: joint return test Unchanged 38 39 Dependent’s tax liability—unearned income Unchanged 39 * 40 Tax liability calculations New * 41 Taxable income calculation New * 42 Child’s income taxed at parents’ rate New * 43 Child’s income taxed at parents’ rate Unchanged 43 * 44 Marriage penalty Unchanged 44 45 Filing requirements Unchanged 45 46 Filing requirements Unchanged 46 47 Filing status determination New 48 Filing status determination New 49 Filing status determination Unchanged 49 50 Filing status determination; dependency exemptions Unchanged 50 * 51 Capital transactions: determination of tax Unchanged 51 * 52 Capital transactions: determination of tax Unchanged 52 53 Tax planning: alternating years for itemized deductions with standard deduction Unchanged 53 * 54 Cumulative New * 55 Cumulative Unchanged 55 Research Problem 1 Divorced persons and waiver by custodial parent New
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Tax Determination; Exemptions; Overview of Property Transactions 3-3 Research Problem 2 Filing status: qualifying for abandoned spouse treatment Unchanged 2 3 Joint return and innocent spouse relief
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Answers_Chapter_3 - CHAPTER 3 TAX DETERMINATION PERSONAL...

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