For each statement you answer, Insert "Tor" in the appropriate space provided on the separate answer sheet. 1. All revenue bills must originate in the US. House of Representatives. 2. If the House of Representatives and the Senate each pass a revenue bw, but the two versions differ only slightly and not in a substantive way, a Joint Conference Committee considers the two versions and arrives at a compromise bill, which is then sent to each of the houses for a final vote. 3. For an individual in the 32% Income tax bracket, a $1,000 tax credit will result in an income tax reduction of $320. 4. To qualify as a dependent under the qualifying child test, the individual in question must not provide more than 1/2 of his/her own support for the year. Bond Interest income paid to a child who received it via redemption of an interest coupon that had been detached from the bond prior to its maturity and given to the child by the child's parent, who is the owner of the bond, is not taxable to the child. 6. Property transfers between divorcing spouses are taxable to the party making the transfer if the transfer involves the release of support or marital rights For a potential dependent to be classified as a student, the individual must be a full time student for at least five consecutive calendar months during the tax year in question. John and Mary divorced in 1982 and Mary currently has custody of their disabled dependent child. For the child to be classified as a dependent of John, who provides 75% of the child's support, Mary must expressly waive her right to claim the child as her dependent. 9. An individual who is a resident of Mexico, but who is not a citizen or national of the United States, may qualify as a dependent of a U.S. citizen assuming that all other dependency tests are satisfied. 10. Amounts received under workers' compensation insurance acts as compensation 11. for personal injury or sickness must be included in the recipient's gross income. It is unnecessary for the President to sign a tax bill if it has been passed by both the U.S. House of Representatives and the U.S, Senate. 12. For federal income tax purposes the first day that an individual is deemed to be age 65 is the date of the individual's 65th birthday. 13. If a taxpayer dies during the year, the availability of an extra standard deduction amount is determined by the age of the taxpayer on the date of death, rather than the age the taxpayer would have attained at the end of the year of death if still alive. 14. A non-degree candidate attending a qualifying educational institution may not exclude Forchin benefit which covers the student's room and board