Question
true or false 1-in 2015 taxpayers pay an additional 3.8% tax on their net investment income? 2-gross income does not include social security benefits received
true or false
1-in 2015 taxpayers pay an additional 3.8% tax on their net investment income?
2-gross income does not include social security benefits received by the taxpayers?
3-return of capital distribution generally are included in the recipient gross income?
4- payment for child support is not included in the gross income of the recipient custodial parent?
5- a taxpayer who receives payment for mowing lawns must include them in gross income?
6- the buyer of a taxable bond with accrued interest at the purchase date includes the purchase accrued interest in gross income
7- taxpayers holding bonds with an original issue discount must include the discount in gross income ratably (equally each year) over the life of the bonds?
8- for tax purposes, borrowers must impute and report interest income when the interest rate on a loan is below the market rate ( the loan has a low stated rate of interest)
9-full time students between the ages of 19 and 23 are subject to the kiddie tax
10-an accrual basis taxpayers receive advanced payment for services to be performed over the next three years. the taxpayers report the payments in gross income over the years as the services are rendered over the next three years
11- reduced tax rates apply to dividends known as "qualified dividends" ?
Step by Step Solution
3.52 Rating (149 Votes )
There are 3 Steps involved in it
Step: 1
TRUE The Net Investment Income Tax is a 3 8 tax on the lesser of your net investment income or the amount of your modified adjusted gross income that ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started