Question 1 Amy filed her tax return on April 15 At that time, she owed $800 on a total tax liability of $10,000 and she submitted a check for $800 with her tax return Which of the following penalties will apply to Amy Failure to file Failure to pay Underpayment of estimated tax None of the above Question 2 Arturo, a consultant, uses the cash method of accounting for his business Arturo recently provided consulting services to his best customer Sergio When should Arturo recognize income from this service When Sergio writes a check, made out to Arturo When Arturo deposits Sergios check When Sergio gives the check to Arturo When Sergio receives an invoice from Arturo for the service Question 3 Angie and Patrick were married on September 1 of this year Following a honeymoon in Hawaii, Patrick died of a heart attack Neither Angie nor Patrick had any dependents What filing status can Angie use this year Angie must use the single filing status because she was not married as of the end of the year Angie must use the single filing status because she was not married as of the end of the year Angie will be able to file as married filing jointly as long as she would have qualified for this filing status if Patrick had survived Angie may use the head of household filing status Angie will be eligible to file as a surviving spouse Question 4 Which of the following is not an itemized deduction from adjusted gross income Alimony paid Medical expenses in excess of 10 of AGI Charitable contributions Home mortgage interest Question 5 Under which of the following circumstances must a taxpayer itemize his deductions 1 When the taxpayer has been married for less than one year 2 When the taxpayer is married and files a separate return and the taxpayers spouse itemizes his or her deductions 3 When the taxpayer is a nonresident alien 1 and 2 1 and 3 2 and 3 1, 2, and 3 Question 6 Cost basis is the initial basis an investor acquires in an asset by using capital to purchase the investment True False

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Question 1  Amy filed her tax return on April 15  At that time, she owed $800 on a total tax liability of $10,000 and she submitted a check for $800 with her tax return  Which of the following penalties will apply to Amy  Failure to file  Failure to pay  Underpayment of estimated tax  None of the above  Question 2  Arturo, a consultant, uses the cash method of accounting for his business  Arturo recently provided consulting services to his best customer Sergio  When should Arturo recognize income from this service  When Sergio writes a check, made out to Arturo  When Arturo deposits Sergios check  When Sergio gives the check to Arturo  When Sergio receives an invoice from Arturo for the service  Question 3  Angie and Patrick were married on September 1 of this year  Following a honeymoon in Hawaii, Patrick died of a heart attack  Neither Angie nor Patrick had any dependents  What filing status can Angie use this year  Angie must use the single filing status because she was not married as of the end of the year  Angie must use the single filing status because she was not married as of the end of the year  Angie will be able to file as married filing jointly as long as she would have qualified for this filing status if Patrick had survived  Angie may use the head of household filing status  Angie will be eligible to file as a surviving spouse  Question 4  Which of the following is not an itemized deduction from adjusted gross income  Alimony paid  Medical expenses in excess of 10  of AGI  Charitable contributions  Home mortgage interest  Question 5  Under which of the following circumstances must a taxpayer itemize his deductions  1  When the taxpayer has been married for less than one year  2  When the taxpayer is married and files a separate return and the taxpayers spouse itemizes his or her deductions  3  When the taxpayer is a nonresident alien  1 and 2  1 and 3  2 and 3  1, 2, and 3  Question 6  Cost basis is the initial basis an investor acquires in an asset by using capital to purchase the investment  True False

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Question 1. Amy filed her tax return on April 15. At that time, she owed $800 on a total tax liability of $10,000 and she

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