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35 on august 14 th olaf was involved in an electrical

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35. On August 14th, Olaf was involved in an electrical accident, which left him completely blind inone eye and only partial vision in the other eye. Olaf’s ophthalmologist was able to correctOlaf’s vision to 20/200 with a prescribed contact lens in one eye. However, due to the pain,Olaf can only wear the contact lens for a few hours each day. Olaf’s vision is not expected toimprove beyond the present condition. Is Olaf entitled to the higher stand deduction forblindness?a) No, Olaf must be completely blind in both eyes to be eligible for the higher standarddeduction.b) No, Olaf is not entitled to the higher standard deduction because his vision is correctablewith a contact lens.c) Yes, Olaf is entitled to the higher standard deduction because he can only wear the contactlens briefly.d) Yes, Olaf is entitled to the higher standard deduction, but only beginning in the yearfollowing the accident.
Copyright © 2020, The Income Tax School, Inc. – All Rights Reserved Comp Module 1 FE - 1036. Lester is retired with only investment income and prefers not to make estimated tax payments.If he has a balance due, he’d rather pay the entire balance due when he files his tax return.Which of the following statements is most accurate?
in the current tax year. Lester must make estimated payments.b) Lester had a tax liability in the previous tax year and expects to owe approximately $990 inthe current year. Lester must make estimated paymentsc) Lester was a U.S. citizen or resident for the entire year, and his prior-year tax year covereda 12 month-period. Lester is not required to make estimated tax paymentsd) Lester had no tax liability for in the previous tax year, was a U.S. citizen for the entire year,and his prior tax year tax return covered 12-months. Lester had withholding of $2,650 butexpects to owe $1,000 in the current year. Lester must make estimated tax payments.

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Term
Spring
Professor
ULYSSESTAYLOR
Tags
Test, Taxation in the United States, Income Tax School

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