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QUESTION 1 FSAs (Health care flexible spending arrangements) are excluded from gross income. True False 3.334 points

QUESTION 2 Which of these tax forms is not used by an individual? Medical insurance 1040 W2 Schedule C 1099 3.334 points

QUESTION 3 Which of the following is a false statement regarding HSA (Health Savings Accounts)? Distributions from HSAs are not taxable when used to pay qualifying medical expenses HSAs are available to any taxpayer using a health plan purchased through the state or federal exchange under the Affordable Care Act Distributions from HSAs which are not used to pay qualifying medical expenses are generally subject to a 20 percent penalty as well as income taxes Taxpayers who contribute to an HSA must carry qualifying high-deductible health insurance Taxpayers must contribute to the HSA by April 15 of the year following the tax year for which they want the deduction 3.334 point

s QUESTION 4 Qualified residence interest (mortgage interest) can be used as a tax deduction. True False 3.334 points

QUESTION 5 Unemployment compensation payments are fully taxable. True False 3.334 points

QUESTION 6 The Standard deduction for Single filing status is $12,400. True False 3.334 points

QUESTION 7 Mark the correct statement. Residential real property is depreciated over 39 years Nonresidential real property is depreciated over 27 1/2 years Nonresidential real property is depreciated over 39 years Depreciation on real property starts at the beginning of the year in which the property is placed in service 3.334 points

QUESTION 8 Which of the following is not a capital asset? A Taxpayers boat A copyright purchased from a company Land held as an investment Apple Stock owned by an Investor A painting held by the artist 3.334 points

QUESTION 9 The at-risk rule does not apply to activities involving real estate. True False 3.334 points

QUESTION 10 Which of the following forms should be used by a company to report a payment to a computer consultant who is not an employee of the company? Form 1099-INT Form W-4 Form W-2 Form 1099-DIV Form 1099-MISC 3.334 points

QUESTION 11 When taxpayers overpay FICA taxes, the excess taxes may be claimed as a credit against their tax liability. True False 3.334 points

QUESTION 12 In applying the statutory rates from the MACRS tables, the cost of the asset must first be reduced by the estimated salvage value. True False 3.334 points

QUESTION 13 If land declines in value, it may be depreciated for tax purposes. True False 3.334 points

QUESTION 14 Which of the following is not an acceptable method of accounting under the tax law? The accrual method The cash method The hybrid method All of the above are acceptable None of the above 3.334 points

QUESTION 15 Subject to the annual dollar limitation and the earned income limitation, deductible Individual Retirement Account contributions are allowed for all taxpayers who do not participate in a qualified retirement plan. True False 3.334 points QUESTION 16 Goodwill is considered to be a Section 197 asset amortized over 15 years for tax purposes. True False 3.334 points

QUESTION 17 Mark the correct answer. Section 197 intangibles Are amortized based on current fair market value rather than their actual cost Must be amortized over a fifteen-year life, regardless of their actual life Include intangible assets created and not purchased by the taxpayer Do not include purchased goodwill or going-concern value 3.334 points

QUESTION 18 Which type of insurance is not deductible as self-employed health insurance? Medical insurance Spousal medical insurance Long-term care insurance Disability insurance Dental insurance 3.334 points

QUESTION 19 Self-employed individuals pay self-employment taxes instead of FICA taxes. True False 3.334 points

QUESTION 20 A partnership generally must adopt the same tax year as its majority partners. True False 3.334 points

QUESTION 21 Maintenance costs for capital assets are deducted in the year the amount is paid or incurred. True False 3.334 points

QUESTION 22 An S corporation is required to report its income and other items on Form 1040, U.S. True False 3.334 points

QUESTION 23 EIM partnership has a seasonal business as an advertising firm for sellers of ski equipment and is owned by three individuals with calendar year ends. Which of the following options does EIM have in choosing a tax year? EIM can choose any month end as the end of its tax year. EIM may choose a year end that coincides with its seasonal year end for the business purpose of corresponding to a natural business cycle. Because the owners of EIM have tax years ending in December, EIM must choose a December year end. EIM may choose only an October, November or December tax year end. 3.334 points

QUESTION 24 Assets must be held for more than 18 months for the gain or loss to be considered long-term. True False 3.334 points

QUESTION 25 Corporations are subject to a flat income rate of 21%. True False 3.334 points

QUESTION 26 Under a defined contribution plan, the contribution made on behalf of the employee is determined using a formula dependent on the employee's current compensation. True False 3.334 points

QUESTION 27 In order for a pension plan to be considered a "qualified" retirement plan, the plan must satisfy certain minimum vesting requirements. True False 3.334 points

QUESTION 28 Which of the following is not taxable for income purposes? Partnership income Prizes Gifts All of the above Severence pay 3.334 points

QUESTION 29 Nonincidental materials and supplies (NIMS) are deducted in the tax year in which they are purchased (not consumed) in the taxpayers operations. True False 3.334 points

QUESTION 30 Corporate income is typically reported on Form 1065. True False