Sample Exam #1 with Answers.pdf - CPP u2013 FALL 2020...

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pg. 1 CPP – FALL 2020 SEMEST E R ACC 4310 - SAMPLE EXAM #1 Note: the answers to the questions below are in bold, and the explanation to the numerical questions are in brackets next to the answer 1. If an income tax return is notfiled by a taxpayer, there is no statute of limitations on assessments of taxby the IRS. a.Trueb.False 2. An office audit by the IRS takes place at the office of the taxpayer. 3. Which of the following taxes is paid onlyby the employer? 4. Mona inherits her mother’s personal residence, which she converts to a furnished rental house. Thesechanges should affect the amount of ad valoremproperty taxes levied on the properties. 5. A calendar year taxpayer files his 2019 Federal income tax return on March 4, 2020. The return reflectsan overpayment of $6,000, and the taxpayer requests a refund of this amount. The refund is paid on May16, 2020. The refund need not include interest. a.Trueb.False 6. Ellen, age 12, lives in the same household with her father, grandfather, and uncle. The cost ofmaintaining the household is provided by her grandfather (40%) and her uncle (60%). Disregarding tie-breaker rules, Ellen is a qualifying child as to:
pg. 2 7. In which of the following situations, if any, may the individual notbe claimed as a dependent of the taxpayer?

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