Question

Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2018: Ordinary dividends...

  1. Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2018:

    Ordinary dividends

    $250

    Capital gain distributions

    $170

    Nontaxable distributions

    $80

    Elsie, Elmer's wife, did not own any of the Virginiana Mutual Fund shares, but she did receive $1,475 in interest on a savings account at the Moss National Bank and $175 in interest on California Municipal Bonds. Elmer and Elsie filed a joint income tax return for 2018. What amount is reportable as taxable interest income?

    a.

    $1,475

    b.

    $175

    c.

    $0

    d.

    None of the above

    e.

    $1,650

1 points   

QUESTION 5

  1. Marie had a good year. She received the following prizes and awards:

    - an iPad from The Famous Daytime Talk Show with a fair market value of $500

    - lottery winnings of $1,000 received in cash

    - a plaque worth $25 plus $100 of Godiva chocolate in recognition for 100 days on the job without an accident

    - a $10,000 cash prize from American Idol

    How much of her prizes and awards should Marie report on her tax return?

    a.

    $11,500; the award from her job is excluded

    b.

    $11,600; the plaque may be excluded

    c.

    $11,625; everything is included at the highest amount

    d.

    $11,000; only cash prizes and awards are included

    e.

    None, they are all excluded from income

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Answer #1

1)Answer :$1,475

Explanation :$175 interest on California Municipal Bonds is not a taxable income.

2)Answer :$11,500; the award from her job is excluded

Explanation :Prizes and awards to be reported on her tax return=500+1000+10000=11500.

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