Answers have to be either True or False:

$1.$Congress can override a Presidential veto of tax legislation with a vote to override by at least $2/3$ of either the House of Representatives or the Senate.

$2.$ Aldin, who files his federal income tax return using the $$Single$$ filing status, had federal taxable income of $$41,150$ in $2023.$ His taxable income consisted of $$50,000$ of wages, $$5,000$ of qualified dividend income on Microsoft Corporation common stock, and his standard deduction of $$13,850.$ Aldin will not owe any federal income tax on the $$5,000$ of Microsoft Corporation dividend income he received in $2023.$

$3.$ Connie began receiving an annual payment of $$25,000$ from a single$-$life annuity contract on June $1,2005$ when she was $70$ years old. Connie had purchased the annuity on January $1,2005$ for $$250,000.$ On June $1,2023,$ when Connie was $88$ years old, she received her $$25,000$ annual payment. Connie can exclude $$15,625$ of the $$25,000$ annuity payment she received in $2023$ from her gross income.

$4.$ Dahlia purchased $400$ shares of Microsoft common stock for a total cost of $$12,000$ on July $10,2012.$ She also purchased an additional $300$ shares of Microsoft common stock for a total cost of $$10,750$ on April $20,2013.$ On December $15,2023,$ she sold $300$ shares of Microsoft common stock for $$15,000.$ If Dahlia wants to minimize her capital gain on the $300$ shares of Microsoft common stock that she sold in $2023,$ she should specifically identify them as coming from the shares she purchased on April $20,2013.$

$5.$ A $22-$year$-$old full$-$time student cannot be a dependent of another taxpayer in $2023$ if the student$$s gross income exceeds $$4,700.$

$6.$ Brandon lives in Chicago and works in Chicago for Thilges LLC$.$ As an executive of Thilges LLC$,$ Brandon$$s compensation package includes a $$30,000$ annual housing allowance that is paid to him on February $1$ of each year. Brandon used the $$30,000$ housing allowance he received on February $1,2023$ to pay part of the cost of renting the lakefront condominium where he lives. Brandon must include the entire $$30,000$ housing allowance he received in $2023$ in his gross income for federal income tax purposes in $2023.$

$7.$ Tim will file his $2023$ federal income tax return using the $$Single$$ filing status. On April $15,2023,$ Tim paid the $$1,000$ balance due with his $2022$ Illinois income tax return. During $2023,$ Tim had $$8,400$ of Illinois income tax and $$18,250$ of federal income tax withheld from his salary. In addition, Tim made estimated tax payments during $2023$ of $$1,400$ for Illinois income taxes and $$1,900$ for federal income taxes. Finally, Tim expects to receive a refund of Illinois income taxes of $$1,200$ when he files his $2023$ Illinois income tax return in April, $2024.$ If Tim itemizes his deductions on his $2023$ federal income tax return, Tim$$s itemized deduction for taxes paid will be $$10,000.$

$8.$ All other things being equal, the timing tax planning strategy provides a greater economic benefit to a taxpayer whose after$-$tax rate of return is $12\%$ than to a taxpayer whose after$-$tax rate of return is $10\%.$

$9.$ Alan is a full$-$time student at Aurora University. He is unemployed because he wants to devote as much time as possible to learning about taxes. During $2023,$ Alan sold his car and moved into a residence hall at AU$.$ He had purchased the car in $2020$ for $$10,000,$ and he sold it in $2023$ for $$7,000.$ Alan did not have any other capital gains or losses during $2023.$ When he files his $2023$ federal income tax return, Alan can deduct the $$3,000$ loss from the sale of his car as a $$for AGI$$ deduction.

$10.$ Sam is a self$-$employed tax consultant. He operates his consulting business as a sole proprietorship. Sam paid self$-$employment taxes of $$25,000$ and state income taxes of $$12,000$ in $2023$ on the profits from his business. Sam can claim a $$12,500$ deduction on his $2023$ federal income tax return for the self$-$employment taxes he paid.

$11.$ An investment in preferred stock that pays annual dividends of $5\%$ will result in a higher after$-$tax rate of return if the dividends are nonqualified dividends than if the dividends are qualified dividends.

$12.$ For federal income tax purposes, all recognized income must have been realized, but not all realized income is recognized.

$13.$ Joanne and Dave are married and will file a joint federal income tax return in $2023.$ They own stock in ABC Corporation, which they bought on September $1,2022$ for $$30,000.$ They have decided to sell the ABC Corporation stock in $2023$ to fund the purchase of a new car. Their marginal federal income tax rate on ordinary income in $2023$ is $24\%.$ They have no capital loss carryovers into $2023$ and, except for income from the sale of their ABC Corporation stock, their income in $2023$ is all ordinary income. If they sell their ABC Corporation stock for $$40,000,$ their federal income tax liability from the stock sale will be $$3,600$ less by selling the stock on September $2,2023$ than if they sell the stock on September $1,2023.$