Question
NEED HELP WITH THESE QUESTIONS PLEASE 1. Tricia had $100,000 in mortgage debt forgiven through a short sale on her principal residence on her Federal
NEED HELP WITH THESE QUESTIONS PLEASE
1. Tricia had $100,000 in mortgage debt forgiven through a short sale on her principal residence on her Federal income tax return. Generally, Tricia must include what amount of the discharge of indebtedness from the disposition of her principal residence when completing her Schedule CA for 2016?
a) $0
b) $25,000
c) $50,000
d) $100,000
2. Lana earned $100 interest from a California municipal bond and $30 from an Arizona municipal bond. What amount is taxable income for her California tax return that is not taxable on her Federal return?
a) $0
b) $30
c) $50
d) $100
3. Nora is completing her 2016 California tax return. She was a resident of California for all prior years and has a California capital loss carryover of $1,000. What amount should she enter on her California tax return for the California capital loss carryover?
a) $0
b) $250
c) $500
d) $1,000
4.Mary is a single taxpayer and has modified adjusted gross income of $80,000, what is the maximum Adoption Credit she can claim on her 2016 income tax return?
a) $12,650 per eligible child
b) $13,190 per eligible child
c) $13,460 per eligible child
d) $14,500 per eligible child
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