Friday, April 3, 2015

47 Free Test Bank for Income Tax Fundamentals 2013 31st Edition by Whittenburg

The most important fields of tax law will be clarified in free test bank of Income Tax Fundamentals 2013 Whittenburg 31st Edition . By using real examples, students can remember the key concepts of taxation in the textbook and apply it effectively in future tax preparation. Following are plentiful questions for free along with full answers that ensure students to gain essential knowledge and skills when learning about income tax through practicing the free qualified taxation accounting test bank. There are 47 mutiple choice questions below to test now for all you!
Please visit the link below to get full questions and answers:
John, 45 years old and unmarried, contributed $1,000 monthly in 2012 to the support of his parents' household. The parents lived alone and their income for 2012 consisted of $500 from dividends and interest. What is John's filing status and how many exemptions should he claim on his 2012 tax return?
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If an individual wishes to amend his individual tax return, he will make the amendment using what form?
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Page 5 of 18Amended returns are filed on:
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An individual is a head of household. What is her standard deduction?
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Alexis has a long-term capital loss of $13,000 on the sale of stock in 2012. Her taxable income without this transaction is $60,000. What is her taxable income considering this capital loss?
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Partnerships:
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All of the following factors are important in determining whether an individual is required to file an income tax return, except:
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The IRS:
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Electronically filed tax returns:
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Brian (60 years old) is single and legally blind. Brian supports his father, who is 88 years old and blind, by paying the rent and other costs of his father’s residence. What is the total standard deduction amount that Brian should claim on his 2012 tax return?
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Page 4 of 18Wesley owns and operates the Cheshire Chicken Ranch in Turpid, Nevada. The income from this ranch is $49,000. Wesley wishes to use the easiest possible tax form. He may file:
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During 2012, Howard maintained his home in which he and his 16-year-old son resided. The son qualifies as his dependent. Howard's wife died in 2011. What is his filing status for 2012?
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Which of the following is correct?
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William is a divorced taxpayer who provides a home for his dependent child, Edward. What filing status should William indicate on his tax return?
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Eugene and Velma are married. For 2012, Eugene earned $25,000 and Velma earned $30,000. They have decided to file separate returns and are each entitled to claim one personal exemption. They have no deductions for adjusted gross income. Eugene's itemized deductions are $11,200 and Velma's are $4,000. Assuming Eugene and Velma do not live in a community property state, what is Velma's taxable income?
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Jill is a 16-year-old child who is claimed as a dependent by her parents. Jill's only income is $1,400 from her bank savings account. What is the amount of Jill's standard deduction for 2012?
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During 2012, Murray, who is 60 years old and unmarried, provided all of the support of his elderly mother. His mother was a resident of a home for the aged for the entire year and had no income. What is Murray's filing status for 2012, and how many exemptions should he claim on his tax return?
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Which one of the following provisions was passed by Congress to meet a social goal of the tax law?
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Ronald is 92 years old and in poor health. Clever investing earlier in his life has left him with a sizeable income. He is able to support his son Ed. Ed is 67 years old and a bit "confused," so he lives in a nursing home. Ed’s income is less than $2,000. How many exemptions should Ronald claim on his tax return?
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Your standard deduction will be $5,950 in 2012 if you are:
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During 2012, Anita was entirely supported by her three sons, Dudley, Carlton, and Isidore, who provided support for her in the following percentages:Which of the brothers may be allowed to claim his mother as a dependent, assuming a multiple support agreement exists?Dudley 8 percentCarlton; 45 percent; Isidore 47 percent
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Clay purchased Elm Corporation stock 20 years ago for $10,000. In 2012, he sells the stock for $29,000. What is Clay's gain or loss?
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Partnership income is reported on:
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Which of the following is not a goal of the tax law?
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Which of the following is a true statement with respect to the gross income test for the qualifying relative dependency exemption?
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Which of the following relatives will not satisfy the relationship test for the dependency exemption?
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Depending on the amounts of income and other tax information, some individuals may report their income on:
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Eugene and Velma are married. For 2012, Eugene earned $25,000 and Velma earned $30,000. They have decided to file separate returns and are each entitled to claim one personal exemption. They have no deductions for adjusted gross income. Eugene's itemized deductions are $11,200 and Velma's are $4,000. Assuming Eugene and Velma do not live in a community property state, what is Eugene's taxable income?
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Martin, a 50-year-old single taxpayer, paid the full cost of maintaining his dependent mother in a home for the aged for the entire year. What is the amount of Martin's standard deduction for 2012?
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Albert and Louise, ages 66 and 64 respectively, filed a joint return for 2012. They provided all of the support for their blind 19-year-old son, who had no gross income. They also provided the total support of Louise's father, who is a citizen and life-long resident of Peru. How many exemptions may they claim on their 2012 tax return?
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Taxpayers who are blind get the benefit of:
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Which of the following forms may be filed by individual taxpayers?
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Electronic filing (e-filing)
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Robert is a single taxpayer who has AGI of $145,000 in 2012; his taxable income is $122,000. What is his federal tax liability for 2012?
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Which of the following taxpayers does not have to file a tax return for 2012?
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John, age 25, is a full-time student at a state university. John lives with his sister, Ann, who provides over half of his support. His only income is $4,000 of wages from a part-time job at the college book store. What is Ann's filing status for 2012?
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Internet users can sign on to http://www.irs.gov/ and...
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Which of the following is not a capital asset?
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Form 1040 allows a taxpayer to report which of the following items that are not allowed for taxpayers who file form 1040A.
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In which of the following situations is the taxpayer not required to file an income tax return?
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Mr. and Mrs. Vonce, both age 62, file a joint return for 2012. They provided all the support for their daughter who is 19, legally blind, and who earns no income. Their son, age 21 and a full-time student at a university, had $4,200 of income and provided 70 percent of his own support during 2012. How many exemptions may Mr. and Mrs. Vonce claim on their 2012 tax return?
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An unmarried taxpayer who maintains a household for a dependent child and whose spouse died 4 years ago should file as:
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Bob owns a rental property that he bought several years ago for $260,000. He has taken depreciation on the house of $37,000 since buying it. He sells it in 2012 for $290,000. His selling expenses were $12,000 for the year. What was Bob’s realized gain on the sale?
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