Unit 7 Assignment: Federal Taxation - Questions
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1 Unit 7 Assignment: Federal Taxation - Questions Work on the questions below and place answers (and computations for questions that require them) in the Unit 7 Assignment Answer Sheet. The questions that require the computations are noted in the Answer Sheet Submission Instructions: Submit only the Answer Sheet to the Unit 7 Dropbox by the end of the unit. Note to Students regarding Submission: Submit a Word document to the Unit 7 Dropbox. Copy and paste the Unit 7 Assignment Answer Sheet at the end of this document into the Word document you will submit. Be sure that you clearly identify your answers. Include all computations for those questions that require them. A line is provided in the Answer Sheet, but you may use additional space as needed. AC499 Unit 7 Assignment Questions 1. The current income tax system was: a. Designed solely to raise money to run the government b. Authorized by the founding fathers when the government was formed c. Not designed with social objectives in mind d. Authorized by the Sixteenth Amendment to the Constitution in Partnership income is reported on: a. Form 1040 b. Form 1120 c. Form 1040X d. Form Which of the following is a deduction for adjusted gross income in 2012? a. Alimony payments b. Medical expenses c. Personal casualty losses d. Charitable contributions
2 4. All of the following are itemized deductions in 2012 except: a. Charitable contributions b. Casualty losses c. Moving expenses d. Medical expenses e. All of the above are itemized deductions 5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his itemized deductions total $ 19,000. What taxable income will Ramon show in 2012? a. $ 73,550 b. $ 75,200 c. $ 92,550 d. $ 89,050 e. $ 70, Margaret and her sister support their mother and together provide 85 percent of their mother s support. If Margaret provides 40% of her mother s support: a. Her sister is the only one who can claim their mother as a dependent b. Neither Margaret nor her sister may claim their mother as a dependent c. Both Margaret and her sister may claim their mother as a dependent d. Margaret and her sister may split the dependency exemption e. Margaret may claim her mother as a dependent if her sister agrees in a multiple support agreement 7. Lyn, age 65, and Robert, age 66, are married and support Lyn s father (no taxable income) and Robert s mother, who has $ 2,200 of gross income. If they file a joint return for 2012, how many exemptions may Lyn and Robert claim? a. 2 b. 3 c. 4 d. 5 e Arthur is 65 years old. He supports his father, who is 90 years old, blind, and has no income. For 2012, how many exemptions should Arthur claim on his tax return? a. 1 b. 2 c. 3 d. 4 e. 5
3 9. Jayne purchased General Motors stock 6 years ago for $20,000. In 2012, she sells the stock for $35,000. What is Jayne s gain or loss? a. $ 15,000 long- term b. $ 15,000 short-term c. $ 15,000 ordinary d. $ 15,000 extraordinary e. No gain or loss is recognized on this transaction 10. Shannon has a long-term capital loss of $7,000 on the sale of bonds in His taxable income without this transaction is $48,000. What is his taxable income considering this capital loss? a. $ 55,000 b. $ 48,000 c. $ 45,000 d. $ 41,000 e. Some other amount 11. All of the following items are taxable to the taxpayer receiving them, except: a. Bonuses b. Damages for physical personal injury c. Unemployment compensation d. Prizes e. Gambling winnings 12. Which of the following types of income is tax free? a. Welfare payments b. Income earned illegally c. Dividends from foreign corporations d. Dividends from closely held corporations e. Dividends from utility corporations stock 13. Which of the following is included in gross income? a. Loans b. Inheritances c. Tuition and books scholarships d. Hobby income
4 14. Which of the following items would be includable in the gross income of the recipient? a. Insurance payments for medical care of a dependent child b. Insurance payments for loss of the taxpayer s sight c. Season tickets given by a salesperson to a customer d. Interest from bonds issued by the state of Texas e. Lodging provided to a worker on a remote oil rig 15. For 2012, the maximum % of Social Security benefits that must be included in gross income is: a. 85% b. 75% c. 65% d. 50% e. 25% 16. Generally, modified adjusted gross income (MAGI) is adjusted gross income (without Social Security benefits): a. Less tax-exempt interest b. Less personal and dependency exemptions c. Less itemized deductions d. Less tax-exempt interest plus any foreign income exclusion e. Plus tax-exempt interest income 17. Ironwood Corporation has ordinary taxable income of $40,000 for calendar- year 2012, and a long-term capital loss of $20,000. What is the corporation s tax liability for 2012? a. $ 4,500 b. $ 6,000 c. $ 7,500 d. $ 10, Which of the following is not a corporate organizational expenditure that may be amortized? a. The cost of organizational meetings b. Fees paid to the state for incorporation c. Accounting fees incident to organization d. Legal fees incident to organization e. All of the above are organizational expenditures
5 19. Which of the following is not required for a corporation to be classified as a small business corporation and be eligible to make an S corporation election in 2012? a. The corporation must have 100 or fewer shareholders. b. The corporation must be a domestic corporation. c. The corporation must have both common and preferred stock. d. The shareholders of the corporation must not be nonresident aliens. e. All shareholders must be one of the following: individuals, estates, certain trusts, or financial institutions. 20. Travis transfers land with a fair market value of $125,000, basis of $25,000, to a corporation in exchange for 100% of the corporation s stock. What amount of gain must Travis recognize as a result of this transaction? a. $ 0 b. $ 25,000 c. $ 100,000 d. $ 125,000
6 Unit 7 Assignment Grading Rubric: Points Unit 7 Assignment Rubric: Possible Question # 1 Tax Structure 2 Question # 2 Tax Reporting 2 Question # 3 Computing Income 2 Question # 4 Identify Deductions 2 Question # 5 Compute Taxable Income 2 Question # 6 Determine Tax Exemptions 2 Question # 7 Determine Tax Exemptions 2 Question # 8 - Determine Tax Exemptions 2 Question # 9 - Determine Taxable Gain or 2 Loss Question # 10 Compute Taxable Income 2 Question # 11 Determine Taxable Items 2 Question # 12 Identify Taxable Items 2 Question # 13 Identify Taxable Items 2 Question # 14 Identify Taxable Items 2 Question # 15 Identify Taxable Social Security 2 Question # 16 - Identify Formula for MAGI 2 Question # 17 Compute Corporate Tax Liability 2 Question # 18 - Identify Organizational Costs 2 Question # 19 Identify Requirements for S-Corps 2 Question # 20 Compute Taxable Gain on Stock 2 Any Deductions (Format incorrect or Late Penalty). Points may be deducted for failure to include computations. Total Points 40 Your Points Comments as
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