provide all the y ing child under an asa 0 n tly and have a 15-year-old de only a mother, who lives in a nu ld tax credit and other depende i Horw Howe H the combined child tax credit and a nd Hotel mare wide all the The o in and How he $1.000 1500 who is 90 years old, bin 75 Auth and has w ears old and since. He supports his father who is 90 come. What is Arthur's standard deduction $12.200 SIS $15.500 SIR 0.000 16. Tipes who are 65 or older et the benefit o An additional exemption h An additional amount added to their standard deduction An additional amount added to their itemized deductions None of the above 17. Tepuyers who are blind get the benefit of An additional exemption An additional amount added to their standard deduction An additional amount added to their itemized deductions d. None of the above 18. Which of the following is not a capital asset to an individual taxpayer? h A45-foot sailboat c. Raw land held as an investment Inventory in the taxpayer's business e. All of the above are capital assets 19. Jayne purchased General Motors stock 6 years ago for $20,000. In the currer she sells the stock for $35,000. What is Jayne's gain or loss? a. Stocks a $15,000 long-term gain b. $15,000 short-term gain c. $15,000 ordinary loss d. $15,000 extraordinary gain e No gain or loss is recognized on this transaction 20. Alexis purchased a rental house 3 years ago for $290,000. Her depreciatio $35,000. Due to a decrease in real estate prices, she sells the house for or in 2019. What is her gain or loss for tax purposes? a. So b. $10,000 loss c. $10,000 gain duash depona expire aer 2025 QUESTIONS and PROBLEMS MULTIPLE CHOICE QUESTIONS L othe r chances scheduled to explore Sun of Restrictions on the destruction of casualty and theft losses Congo tax forms are used by individuals in 2019 the w LO 1.1 SR ported on income is The Room 1000 c. For 100 Ons which of these would wage income be reported Schedule 1 Schedule 2 Schedule Form 1000 5. Which of the following is a deduction for adjusted gross income in 20199 Personal casualty losses Medical expenses Student loan interest d. Charitable contributions e. None of the above 6. All of the following are itemized deductions in 2019 cept: a. Charitable contributions Alimony payments c. State and local taxes d Medical expenses c. All of the above are itemized deductions LO 1.3 dependent chadren thond in the preparation of her tax return for 2018, loan should the an A single individual Aquing widower) .. Head of household d. Married in wately e. None of the above 10. Glenda de tape from Kanpaid for more than one-half of the support for her mother, Doroth Detohy did not live with Glenda in Kansas but rather has red in a nursing home in an adjacent statene Dorothy husband died the years Glendas ng should be 3. Since Married filing separately e Qualifying widower d. Head of household Prental dependent 11 Margaret and her sister support their mother and together provide percent of their mother's support If Margaret provides 40 percent of her mother's support Her sister is the only one who can claim their mother as a dependent b. Neither Margaret nor her sister may claim their mother as a dependent. Both Margaret and her sister may claim their mother as a dependent d. Marant and her sister may split the dependency exemption e Marcaret may daim her mother as a dependentif her sister agrees in a multiple support agreement 12. Margaretage 65, and John, age 62. are married with a 23-year-old daughter who lives in their home. They provide over half of their daughter's support, and the daughter earned 54,100 this year from a part-time job. Their daughter is not a full-time student. The daughter can cannot be claimed as a dependent because a. She cannot be claimed because she is over 19 and not a full-time student She can be claimed because she is a qualifying child C. She can be claimed because she is a qualifying relative d. She cannot be claimed because she fails the gross income test. LO 1.6 provide all the y ing child under an asa 0 n tly and have a 15-year-old de only a mother, who lives in a nu ld tax credit and other depende i Horw Howe H the combined child tax credit and a nd Hotel mare wide all the The o in and How he $1.000 1500 who is 90 years old, bin 75 Auth and has w ears old and since. He supports his father who is 90 come. What is Arthur's standard deduction $12.200 SIS $15.500 SIR 0.000 16. Tipes who are 65 or older et the benefit o An additional exemption h An additional amount added to their standard deduction An additional amount added to their itemized deductions None of the above 17. Tepuyers who are blind get the benefit of An additional exemption An additional amount added to their standard deduction An additional amount added to their itemized deductions d. None of the above 18. Which of the following is not a capital asset to an individual taxpayer? h A45-foot sailboat c. Raw land held as an investment Inventory in the taxpayer's business e. All of the above are capital assets 19. Jayne purchased General Motors stock 6 years ago for $20,000. In the currer she sells the stock for $35,000. What is Jayne's gain or loss? a. Stocks a $15,000 long-term gain b. $15,000 short-term gain c. $15,000 ordinary loss d. $15,000 extraordinary gain e No gain or loss is recognized on this transaction 20. Alexis purchased a rental house 3 years ago for $290,000. Her depreciatio $35,000. Due to a decrease in real estate prices, she sells the house for or in 2019. What is her gain or loss for tax purposes? a. So b. $10,000 loss c. $10,000 gain ch mate taxi 21 Arc LO 1.0 the Internet and go to www and select in the upper "Ne Select Gunon mobile devices the phone Revenue procedure LO 1.10 Regulation 24 Flecanically filed tax return a Mary not be transmitted toma taxpayer's home cor Constitute more than 90 percent of the websided with the RS Have errores similar to paper returns d er larger wunds than paper returns GROUP 2 PROBLEMS 1 List the major purposes the tax wystem is meant to serve LO 1.1 LO 1.3 2 lason and Mary are married taxpayers in 2019. They are both under 65 and in good health For 2019 they have a total of $41,000 in waves and 5700 in interest in come. Jason and Mary's deductions for adjusted income amount to $5,000 and their iemid deductions equal $18.700. They have two children, apes 32 and 2 that are married and provide support for themselves What is the amount of lason and Mary's adjusted gross income? b. What is the amount of their itemized deductions or standard deduction? c. What is their table income? de all the support under the 1-2 Cl . The Individual income Tax R LO 1.6 73. mine and her s c arix who file married Aling jointly provide all for their 37-araldson Miguel It Miguel qualities as a qualifying child dependent rules mine and Carlos will be able to claim h 5500 d daughter. They who lives in a nursing $1,000 $2.000 c. $2,500 14 Robin and H i le married thing intly and have a 15-year-old daughter also provide all the support for Howie's 82-year-old mother who lives in a home nearby. The amount of the combined child tax credit and other der credit for Robin and Howie is: h $1,000 C. SL 500 $2.000 e $2,500 15. Arthur is 65 years old and single. He supports his father, who is 90 years old, and has no income. What is Arthur's standard deduction? LO 1.7 LO 1.7 a $12.200 1. $13,850 C $15.500 d SI8150 e. $20.000 16. Thapavers who are 65 or older get the benefit of An additional exemption b An additional amount added to their standard deduction c An additional amount added to their itemized deductions d. None of the above 17. Taxpayers who are blind get the benefit of a. An additional exemption b) An additional amount added to their standard deduction C. An additional amount added to their itemized deductions d. None of the above LO 1.7 O 1.8 LO 1.8 18. Which of the following is not a capital asset to an individual taxpayer? a. Stocks b. A 48-foot sailboat Raw land held as an investment d. Inventory in the taxpayer's business e. All of the above are capital assets 19. Jayne purchased General Motors stock 6 years ago for $20,000. In the current year, she sells the stock for $35,000. What is Jayne's gain or loss? a $15,000 long-term gain b. $15,000 short-term gain C$15,000 ordinary loss d. $15,000 extraordinary gain e. No gain or loss is recognized on this transaction 20. Aleds purchased a rental house 3 years ago for $290,000. Her depreciation to date is $35,000. Due to a decrease in real estate prices, she sells the house for only $200,000 in 2019. What is het gain or loss for tax purposes? a. $0 b. 510,000 loss c. $10,000 gain LO 1.8 provide all the y ing child under an asa 0 n tly and have a 15-year-old de only a mother, who lives in a nu ld tax credit and other depende i Horw Howe H the combined child tax credit and a nd Hotel mare wide all the The o in and How he $1.000 1500 who is 90 years old, bin 75 Auth and has w ears old and since. He supports his father who is 90 come. What is Arthur's standard deduction $12.200 SIS $15.500 SIR 0.000 16. Tipes who are 65 or older et the benefit o An additional exemption h An additional amount added to their standard deduction An additional amount added to their itemized deductions None of the above 17. Tepuyers who are blind get the benefit of An additional exemption An additional amount added to their standard deduction An additional amount added to their itemized deductions d. None of the above 18. Which of the following is not a capital asset to an individual taxpayer? h A45-foot sailboat c. Raw land held as an investment Inventory in the taxpayer's business e. All of the above are capital assets 19. Jayne purchased General Motors stock 6 years ago for $20,000. In the currer she sells the stock for $35,000. What is Jayne's gain or loss? a. Stocks a $15,000 long-term gain b. $15,000 short-term gain c. $15,000 ordinary loss d. $15,000 extraordinary gain e No gain or loss is recognized on this transaction 20. Alexis purchased a rental house 3 years ago for $290,000. Her depreciatio $35,000. Due to a decrease in real estate prices, she sells the house for or in 2019. What is her gain or loss for tax purposes? a. So b. $10,000 loss c. $10,000 gain duash depona expire aer 2025 QUESTIONS and PROBLEMS MULTIPLE CHOICE QUESTIONS L othe r chances scheduled to explore Sun of Restrictions on the destruction of casualty and theft losses Congo tax forms are used by individuals in 2019 the w LO 1.1 SR ported on income is The Room 1000 c. For 100 Ons which of these would wage income be reported Schedule 1 Schedule 2 Schedule Form 1000 5. Which of the following is a deduction for adjusted gross income in 20199 Personal casualty losses Medical expenses Student loan interest d. Charitable contributions e. None of the above 6. All of the following are itemized deductions in 2019 cept: a. Charitable contributions Alimony payments c. State and local taxes d Medical expenses c. All of the above are itemized deductions LO 1.3 dependent chadren thond in the preparation of her tax return for 2018, loan should the an A single individual Aquing widower) .. Head of household d. Married in wately e. None of the above 10. Glenda de tape from Kanpaid for more than one-half of the support for her mother, Doroth Detohy did not live with Glenda in Kansas but rather has red in a nursing home in an adjacent statene Dorothy husband died the years Glendas ng should be 3. Since Married filing separately e Qualifying widower d. Head of household Prental dependent 11 Margaret and her sister support their mother and together provide percent of their mother's support If Margaret provides 40 percent of her mother's support Her sister is the only one who can claim their mother as a dependent b. Neither Margaret nor her sister may claim their mother as a dependent. Both Margaret and her sister may claim their mother as a dependent d. Marant and her sister may split the dependency exemption e Marcaret may daim her mother as a dependentif her sister agrees in a multiple support agreement 12. Margaretage 65, and John, age 62. are married with a 23-year-old daughter who lives in their home. They provide over half of their daughter's support, and the daughter earned 54,100 this year from a part-time job. Their daughter is not a full-time student. The daughter can cannot be claimed as a dependent because a. She cannot be claimed because she is over 19 and not a full-time student She can be claimed because she is a qualifying child C. She can be claimed because she is a qualifying relative d. She cannot be claimed because she fails the gross income test. LO 1.6 provide all the y ing child under an asa 0 n tly and have a 15-year-old de only a mother, who lives in a nu ld tax credit and other depende i Horw Howe H the combined child tax credit and a nd Hotel mare wide all the The o in and How he $1.000 1500 who is 90 years old, bin 75 Auth and has w ears old and since. He supports his father who is 90 come. What is Arthur's standard deduction $12.200 SIS $15.500 SIR 0.000 16. Tipes who are 65 or older et the benefit o An additional exemption h An additional amount added to their standard deduction An additional amount added to their itemized deductions None of the above 17. Tepuyers who are blind get the benefit of An additional exemption An additional amount added to their standard deduction An additional amount added to their itemized deductions d. None of the above 18. Which of the following is not a capital asset to an individual taxpayer? h A45-foot sailboat c. Raw land held as an investment Inventory in the taxpayer's business e. All of the above are capital assets 19. Jayne purchased General Motors stock 6 years ago for $20,000. In the currer she sells the stock for $35,000. What is Jayne's gain or loss? a. Stocks a $15,000 long-term gain b. $15,000 short-term gain c. $15,000 ordinary loss d. $15,000 extraordinary gain e No gain or loss is recognized on this transaction 20. Alexis purchased a rental house 3 years ago for $290,000. Her depreciatio $35,000. Due to a decrease in real estate prices, she sells the house for or in 2019. What is her gain or loss for tax purposes? a. So b. $10,000 loss c. $10,000 gain ch mate taxi 21 Arc LO 1.0 the Internet and go to www and select in the upper "Ne Select Gunon mobile devices the phone Revenue procedure LO 1.10 Regulation 24 Flecanically filed tax return a Mary not be transmitted toma taxpayer's home cor Constitute more than 90 percent of the websided with the RS Have errores similar to paper returns d er larger wunds than paper returns GROUP 2 PROBLEMS 1 List the major purposes the tax wystem is meant to serve LO 1.1 LO 1.3 2 lason and Mary are married taxpayers in 2019. They are both under 65 and in good health For 2019 they have a total of $41,000 in waves and 5700 in interest in come. Jason and Mary's deductions for adjusted income amount to $5,000 and their iemid deductions equal $18.700. They have two children, apes 32 and 2 that are married and provide support for themselves What is the amount of lason and Mary's adjusted gross income? b. What is the amount of their itemized deductions or standard deduction? c. What is their table income? de all the support under the 1-2 Cl . The Individual income Tax R LO 1.6 73. mine and her s c arix who file married Aling jointly provide all for their 37-araldson Miguel It Miguel qualities as a qualifying child dependent rules mine and Carlos will be able to claim h 5500 d daughter. They who lives in a nursing $1,000 $2.000 c. $2,500 14 Robin and H i le married thing intly and have a 15-year-old daughter also provide all the support for Howie's 82-year-old mother who lives in a home nearby. The amount of the combined child tax credit and other der credit for Robin and Howie is: h $1,000 C. SL 500 $2.000 e $2,500 15. Arthur is 65 years old and single. He supports his father, who is 90 years old, and has no income. What is Arthur's standard deduction? LO 1.7 LO 1.7 a $12.200 1. $13,850 C $15.500 d SI8150 e. $20.000 16. Thapavers who are 65 or older get the benefit of An additional exemption b An additional amount added to their standard deduction c An additional amount added to their itemized deductions d. None of the above 17. Taxpayers who are blind get the benefit of a. An additional exemption b) An additional amount added to their standard deduction C. An additional amount added to their itemized deductions d. None of the above LO 1.7 O 1.8 LO 1.8 18. Which of the following is not a capital asset to an individual taxpayer? a. Stocks b. A 48-foot sailboat Raw land held as an investment d. Inventory in the taxpayer's business e. All of the above are capital assets 19. Jayne purchased General Motors stock 6 years ago for $20,000. In the current year, she sells the stock for $35,000. What is Jayne's gain or loss? a $15,000 long-term gain b. $15,000 short-term gain C$15,000 ordinary loss d. $15,000 extraordinary gain e. No gain or loss is recognized on this transaction 20. Aleds purchased a rental house 3 years ago for $290,000. Her depreciation to date is $35,000. Due to a decrease in real estate prices, she sells the house for only $200,000 in 2019. What is het gain or loss for tax purposes? a. $0 b. 510,000 loss c. $10,000 gain LO 1.8