Question

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

Answer 1

Question No. (13)

Answer -

Step - (1) - Information Given -

Yasmine and Carlos, who file married filing jointly; provide all the support for their 17 years old son Miguel.

.

Step - (2) - Analysis and Conclusion -

As per U.S. Internal Revenue Service -

• The child tax credit is a nonrefundable credit that allows taxpayers to claim a tax credit of up to $2000 per qualifying child.
• Children aged 17 and over are not eligible for the Child Tax Credit.

In the given case, Yasmine and Carlos cannot claim child tax credit for their 17 years old son.

Hence, Option - (a) $0 is Correct.