1, What is the required holding period for qualified dividends?

• Greater than 15 days during the 31-day period starting 15 days before the ex-dividend date

• Greater than 30 days during the 61-day period starting 30 days before the ex-dividend date

• Greater than 45 days during the 91-day period starting 45 days before the ex-dividend date

• Greater than 60 days during the 121-day period starting 60 days before the ex-dividend date

2, Which of the following items must be added back to an individuals regular taxable income to determine alternative minimum taxable income?

• Charitable contributions

• Real estate taxes

• Home mortgage interest

• Gambling losses

3, Eliades is seven years old and has $5,000 of dividend income but no earned income this year. What amount of Eliades income will be taxed at trust tax rates if the standard deduction for dependents is currently $1,050?

• $1,050

• $2,900

• $3,950

• $5,000

4, Bret and Jay finalized their divorced in 2018. The divorce decree provides that Bret must pay Jay $20,000 per year until their child turns 18 years old in Year 5, upon which the payments will be reduced to $15,000 until Jays death. During Year 2, Bret and Jay agreed that Bret would pay $16,000 directly to Jay and $4,000 to a private school for their childs tuition. What amount, if any, of these payments should be reported as taxable income in Jays Year 2 income tax return?

• $0

• $15,000

• $16,000

• $20,000

5, In Year 1 Jorge buys a home for $200,000, making a down payment of $40,000 and taking out a loan from the bank for $160,000 to finance the balance. Five years later, in the current year, the remaining loan balance is $130,000 while the home has increased in value to $300,000. If Jorge takes out a home equity loan of $110,000 this year and uses $10,000 on a vacation, $20,000 to pay down credit cards, and $80,000 to build an addition to the home, how much, if any, of the $110,000 home equity loan balance is allowable for calculating the home mortgage interest deduction on Jorges tax return for the year?

• $0

• $80,000

• $100,000

• $110,000

6, in Year 1, Sandy and Chris have adjusted gross income of $200,000. During the year, they provided more than half of the support for both of their unmarried adult children, Megna and Britt. Both children live near the colleges they are attending. Megna is a 25-year-old full-time graduate student with no earned income. Britt is a 22-year-old part-time student with $15,000 earned income from a part-time job. What is the total amount of family tax credit, if any, that Sandy and Chris can claim on their Year 1 joint income tax return?

• $0

• $500

• $1,000

• $2,000

7, Which of the following personal tax credits is partially refundable?

• American opportunity credit

• Retirement savings contributions credit

• Credit for the elderly and disabled

• Child and dependent care credit

8, Chad, a sole proprietor of a private boat charter business, purchased and placed into service ten boats for $260,000 each on May 1, Year 1. Chads taxable business income for Year 1 is $800,000. Assuming the Section 179 limit is $1,000,000 and the phase-out threshold is $2,500,000, what is the maximum amount, if any, that Chad can deduct under Section 179 for Year 1 if he elects out of bonus depreciation?

• $0

• $800,000

• $900,000

• $1,000,000

9, Fulvias spouse died on February 14, Year 1, leaving Fulvia to fully support a dependent parent on her own. Her parents only source of income is nontaxable social security. If Fulvia remains unmarried until February 14, Year 3, what is the most advantageous filing status that can be used on Fulvias tax return for Year 2?

• Single

• Surviving spouse

• Married filing jointly

• Head of household

10, Dale and Sam finalized their divorce in 2019. The divorce decree provides that Dale must pay Sam $15,000 per year. During 2020, Dale and Sam agreed that Dale would pay $10,000 directly to Sam and $5,000 to the university for Sams tuition. What amount, if any, of these payments is deductible by Dale?

• $0

• $5,000

• $10,000

• $15,000