1.Which of the following is not a fully excludable withdrawal from a Roth IRA?

Question 22 options:

a complete withdrawal that is premature (before 5 years)

a withdrawal of contributions only that is premature

a withdrawal after age 59.5 after holding the account for 10 years

2.Which of the following characteristics is most indicative of independent contractor status rather than employee status?

Question 23 options:

person is hired and paid $20 per hour

person is hired and employer provides the work uniform and tools

person is hired and paid a flat fee for a defined and limited job

3.Carrie buys land from her mother for $50,000.The mother's cost basis in the land is $65,000.Two years after the sale, Carrie sells the land to an unrelated party for $60,000.Which of the following statements is true?

Question 26 options:

Mother has a recognized tax loss of $15,000 on her sale and Carrie has a recognized taxable gain of $10,000 on her sale.

Mother has no recognized tax loss on her sale and Carrie has no recognized taxable gain on her sale.

Mother has no recognized tax loss on her sale but Carrie has a recognized taxable gain of $10,000 on her sale.