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Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He...
Justin case Mark for follow up Question 30 of 75, Which of these is NOT a...
Justin case
Mark for follow up Question 30 of 75, Which of these is NOT a potential trigger for calculating the Additional Child Tax Credi O The taxpayer's modified adjusted gross income exceeds$ O The taxpayer has a balance due on their return. O The taxpayer has three or more qualifying children. Due to tax liability limits, the taxpayer did not receive the maximum Child Tax Credit for which they were eigt、 □ Mark for follow up
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
$1,000 capital gain $1,000 dividend income Mark for follow up Question 34 of 75. A taxpayer...
$1,000 capital gain $1,000 dividend income Mark for follow up Question 34 of 75. A taxpayer brings in a Form 1099-B showing $7,521 in net proceeds from the May 20, 2018, sale of non-covered shares What are all of the other items you need to know to report the transaction? The date(s) the asset was acquired and the asset basis on the sale date Whether the client sold stocks or mutual funds. The asset basis on the sale date. The...
Mark for follow up Question 32 of 75. For partnerships, the qualified business income (ABI) items...
Mark for follow up Question 32 of 75. For partnerships, the qualified business income (ABI) items reported on Schedule K-1 should include the Section 102A business income, the W-2 wages of any qualified trade or business, and: The adjusted basis of qualified property The unadjusted basis of qualified property.?. The adjusted basis of qualified property and guaranteed payments made to the partners. The unadjusted basis of qualified property and guaranteed payments made to the partners in lieu of salary. W...
□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may...
□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of home expenses? O Depreciation O Mortgage interest. O Rent O Utilities. Question 36 of 75. Rents received as payment for use of real estate held for investment purposes are: O Not-for-profit income, reported on Form 1040, line 21. O Investment income, reported on Schedule E O Business earned income, reported on Schedule C. O None of...
OMark for follow up Question 66 of 75. The NOL year is: O The year in...
OMark for follow up Question 66 of 75. The NOL year is: O The year in which the NOL is used up. O The year to which the NOL is carried. O The year in which the NOL occurred. O The tirst carryback year. Mark for follor up Question 67 of 75. How is an alternative tax net operating loss deduction (ATNOLD) d O By using regular taxable income. By using regular taxable income reduced by AMT income. By using...
Mark for follow up Up to Question 51 of 75. Alesha (68) and Alexander (70) are...
Mark for follow up Up to Question 51 of 75. Alesha (68) and Alexander (70) are married, live together, and file separate returns. Alesha's gross income (including one-half of her social security) for the tax year was $27,342. Choose the response that best completes this sentence of her social security benefits may be taxable. O 0% 50% 85% son
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...
Mark for follow up Question 4 of 50 A corporation's business income is taxed in the...
Mark for follow up Question 4 of 50 A corporation's business income is taxed in the following way: O The net income earned by the corporation is taxed to the entity Only the board of directors pay tax on the income earned O All corporation n income is passed through to the individual shareholders. The the income. O The income is not taxed at the entity level, and only distributions are taxed t Mark for follow up Question 4 of...
report half of the income in 2017 and hall in 2018 □Mark for follow up Question...
report half of the income in 2017 and hall in 2018 □Mark for follow up Question 11 of 75 O $10,000 O $5,000 。$3,000 O $1,000 □Mark for folow up 曰 Question 12 of 75. Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange? O Miranda traded a commercial refrigerator plus $5,000 for Patricia's commercial refrigerator O Lois exchanged a commercial sewing machine for Edwina's commercial sewing machine plus $5,000 in cash. O...
Justin case
Mark for follow up Question 30 of 75, Which of these is NOT a potential trigger for calculating the Additional Child Tax Credi O The taxpayer's modified adjusted gross income exceeds$ O The taxpayer has a balance due on their return. O The taxpayer has three or more qualifying children. Due to tax liability limits, the taxpayer did not receive the maximum Child Tax Credit for which they were eigt、 □ Mark for follow up
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
$1,000 capital gain $1,000 dividend income Mark for follow up Question 34 of 75. A taxpayer brings in a Form 1099-B showing $7,521 in net proceeds from the May 20, 2018, sale of non-covered shares What are all of the other items you need to know to report the transaction? The date(s) the asset was acquired and the asset basis on the sale date Whether the client sold stocks or mutual funds. The asset basis on the sale date. The...
Mark for follow up Question 32 of 75. For partnerships, the qualified business income (ABI) items reported on Schedule K-1 should include the Section 102A business income, the W-2 wages of any qualified trade or business, and: The adjusted basis of qualified property The unadjusted basis of qualified property.?. The adjusted basis of qualified property and guaranteed payments made to the partners. The unadjusted basis of qualified property and guaranteed payments made to the partners in lieu of salary. W...
□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of home expenses? O Depreciation O Mortgage interest. O Rent O Utilities. Question 36 of 75. Rents received as payment for use of real estate held for investment purposes are: O Not-for-profit income, reported on Form 1040, line 21. O Investment income, reported on Schedule E O Business earned income, reported on Schedule C. O None of...
OMark for follow up Question 66 of 75. The NOL year is: O The year in which the NOL is used up. O The year to which the NOL is carried. O The year in which the NOL occurred. O The tirst carryback year. Mark for follor up Question 67 of 75. How is an alternative tax net operating loss deduction (ATNOLD) d O By using regular taxable income. By using regular taxable income reduced by AMT income. By using...
Mark for follow up Up to Question 51 of 75. Alesha (68) and Alexander (70) are married, live together, and file separate returns. Alesha's gross income (including one-half of her social security) for the tax year was $27,342. Choose the response that best completes this sentence of her social security benefits may be taxable. O 0% 50% 85% son
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...
Mark for follow up Question 4 of 50 A corporation's business income is taxed in the following way: O The net income earned by the corporation is taxed to the entity Only the board of directors pay tax on the income earned O All corporation n income is passed through to the individual shareholders. The the income. O The income is not taxed at the entity level, and only distributions are taxed t Mark for follow up Question 4 of...
report half of the income in 2017 and hall in 2018 □Mark for follow up Question 11 of 75 O $10,000 O $5,000 。$3,000 O $1,000 □Mark for folow up 曰 Question 12 of 75. Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange? O Miranda traded a commercial refrigerator plus $5,000 for Patricia's commercial refrigerator O Lois exchanged a commercial sewing machine for Edwina's commercial sewing machine plus $5,000 in cash. O...
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