Homework Answers
| Answer is Option (2) Tax Preparer and either Executor | |||||||||
| paid perparer must sign the return prepard by him on the space provided in the return. | |||||||||
| incase of estate tax return, executor must sign the return . | |||||||||
| if the return filed is joint return , then surviving Spouse must also need to sign | |||||||||
| in the situation where there is no represenative and Surviving Spouse then the return must be signed by the in charge of the property | |||||||||
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Question 36 of 75. x ret Miguer's estate has two executors. His return is prepared by...
Question 21 of 75. 0 Manny is to receive 25% of the profits from partnership Boost...
Question 21 of 75. 0 Manny is to receive 25% of the profits from partnership Boost Sounds, before taking into account any guaranteed payments, but not less than $10,000. If the partnership's income is $20,000 before taking into account guaranteed payments, how much does Manny receive as a guaranteed payment? O $0 O $5,000 $10,000 O $15,000 Info follour un Mark for follow up Question 29 of 75. 81 Frank Palmer died testate. In his will, he named his son,...
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He...
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He is single. His net investment income is $35,000. What is his net investment income tax? O so O S760 o $1,330 O $2,090 □Mark for follow up Question 49 of 75 When calculating the net investment income tax, which of the following income items are NOT included in net investment income? Education Counci τax preparer Tax ered ar z2019 Mark for follow up Question...
6 Question 29 of 75. Frank Palmer died festate. In his will he named his son,...
6 Question 29 of 75. Frank Palmer died festate. In his will he named his son, Frank, Jr., as executor of his estate. After his son declined to serve, his friend, Mr. Owens, agreed to serve as executor, and was so appointed by the court. All of Mr. Palmer's property has been distributed to his wife, Myra Palmer. Who is tve personal representative for purposes of filing Form 7067 O Frank, Jr O Mr. Owens Question 33 of 75. Which...
Question 33 of 75. Which of the following can be taken into account when valuing publicly-traded...
Question 33 of 75. Which of the following can be taken into account when valuing publicly-traded stock? Ex-dividends. O Restrictions on the stock. O Blockage discount O All of the above. Mark for follow up Wuuston 34 of 75. Alex died holding a general power of appointment over the assets of a trust. On what schedule on Form 706 is the value of the interest rep O Schedule E O Schedule F. O Schedule H. It is not included in...
the ring is $18,000 $13,000 $10,700 $5,000 Mark for follow up Question 15 of 75. Tyron...
the ring is $18,000 $13,000 $10,700 $5,000 Mark for follow up Question 15 of 75. Tyron purchased his primary residence for $260,000. As part of the closing procedure, he paid $2,300 in a origination fee, $750 to a lawyer to review the purchase contract and other closing papers, $150 for a prop and $800 for title insurance. He also gave the real estate agent a $75 gift basket in appreciation for his han Tyron's basis in the residence is $260,950...
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign...
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign national) of the U.S.? O An individual who is not a U.s. citizen or a resident alien. o A U.S. citizen who has renounced their US. citizenship. ⓔ A taxpayer who is not required to file a U.S. income tax return. 0 A foreign diplomat stationed in the U.S. for three years. Mark for follow up Question 61 of 75. Bronson sustained a $43,290...
UCOLIurt b6 of 75. Glen filed his 2017 return on March 15, 2019. He is due...
UCOLIurt b6 of 75. Glen filed his 2017 return on March 15, 2019. He is due a $400 refund on his 2017 return. What is the failure-to-file penalty for his 2017 return? O $0 O $24 $100 $205 O Mark for follow up
Question 46 of 75. For a beneficiary to receive a qualified distribution from a Roth IRA,...
Question 46 of 75. For a beneficiary to receive a qualified distribution from a Roth IRA, who must meet the five-year requirement? The Roth IRA owner only. The beneficiary, after taking distributions Both the owner and the beneficiary. Either the owner or the beneficiary, before taking distributions Mark for follow up Question 47 of 75 Chloe Davis borrowed $10,000 from her employer's plan. When she left her employer in August, 2019. the loan badan outstanding balance of $7,500. Without regard...
Capital Assets Question 14 of 75. Neelam died, leaving her estate to her cousin, Mary. At...
Capital Assets Question 14 of 75. Neelam died, leaving her estate to her cousin, Mary. At the time of her death, Neelam owned a diamond originally purchased by her grandmother, Bertha, for $5,000. When Bertha died, the ring had passed to Tom. At the time of Bertha's death, the ring was worth $10,000. Tom then spent $700 to have the ring ro valued at $13,000 at the time of Tom's death. At the time of Neelam's death, the ring was...
Question 9 of 75. Which of the following is true of spouses who have made the...
Question 9 of 75. Which of the following is true of spouses who have made the election to operate as a qualified joint venture? O They must use the MFS fling status. O They may combine their income on a joint Schedule C. O Each files their own Schedule C and their own Schedule SE O They may jointly deduct the expenses of the business. I Mark for follow up Question 10 of 75. Larry uses an accrual method of...
Question 21 of 75. 0 Manny is to receive 25% of the profits from partnership Boost Sounds, before taking into account any guaranteed payments, but not less than $10,000. If the partnership's income is $20,000 before taking into account guaranteed payments, how much does Manny receive as a guaranteed payment? O $0 O $5,000 $10,000 O $15,000 Info follour un Mark for follow up Question 29 of 75. 81 Frank Palmer died testate. In his will, he named his son,...
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He is single. His net investment income is $35,000. What is his net investment income tax? O so O S760 o $1,330 O $2,090 □Mark for follow up Question 49 of 75 When calculating the net investment income tax, which of the following income items are NOT included in net investment income? Education Counci τax preparer Tax ered ar z2019 Mark for follow up Question...
6 Question 29 of 75. Frank Palmer died festate. In his will he named his son, Frank, Jr., as executor of his estate. After his son declined to serve, his friend, Mr. Owens, agreed to serve as executor, and was so appointed by the court. All of Mr. Palmer's property has been distributed to his wife, Myra Palmer. Who is tve personal representative for purposes of filing Form 7067 O Frank, Jr O Mr. Owens Question 33 of 75. Which...
Question 33 of 75. Which of the following can be taken into account when valuing publicly-traded stock? Ex-dividends. O Restrictions on the stock. O Blockage discount O All of the above. Mark for follow up Wuuston 34 of 75. Alex died holding a general power of appointment over the assets of a trust. On what schedule on Form 706 is the value of the interest rep O Schedule E O Schedule F. O Schedule H. It is not included in...
the ring is $18,000 $13,000 $10,700 $5,000 Mark for follow up Question 15 of 75. Tyron purchased his primary residence for $260,000. As part of the closing procedure, he paid $2,300 in a origination fee, $750 to a lawyer to review the purchase contract and other closing papers, $150 for a prop and $800 for title insurance. He also gave the real estate agent a $75 gift basket in appreciation for his han Tyron's basis in the residence is $260,950...
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign national) of the U.S.? O An individual who is not a U.s. citizen or a resident alien. o A U.S. citizen who has renounced their US. citizenship. ⓔ A taxpayer who is not required to file a U.S. income tax return. 0 A foreign diplomat stationed in the U.S. for three years. Mark for follow up Question 61 of 75. Bronson sustained a $43,290...
UCOLIurt b6 of 75. Glen filed his 2017 return on March 15, 2019. He is due a $400 refund on his 2017 return. What is the failure-to-file penalty for his 2017 return? O $0 O $24 $100 $205 O Mark for follow up
Question 46 of 75. For a beneficiary to receive a qualified distribution from a Roth IRA, who must meet the five-year requirement? The Roth IRA owner only. The beneficiary, after taking distributions Both the owner and the beneficiary. Either the owner or the beneficiary, before taking distributions Mark for follow up Question 47 of 75 Chloe Davis borrowed $10,000 from her employer's plan. When she left her employer in August, 2019. the loan badan outstanding balance of $7,500. Without regard...
Capital Assets Question 14 of 75. Neelam died, leaving her estate to her cousin, Mary. At the time of her death, Neelam owned a diamond originally purchased by her grandmother, Bertha, for $5,000. When Bertha died, the ring had passed to Tom. At the time of Bertha's death, the ring was worth $10,000. Tom then spent $700 to have the ring ro valued at $13,000 at the time of Tom's death. At the time of Neelam's death, the ring was...
Question 9 of 75. Which of the following is true of spouses who have made the election to operate as a qualified joint venture? O They must use the MFS fling status. O They may combine their income on a joint Schedule C. O Each files their own Schedule C and their own Schedule SE O They may jointly deduct the expenses of the business. I Mark for follow up Question 10 of 75. Larry uses an accrual method of...
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