· Question 1
2 out of 2 points
Many taxpayers who previously itemized will start claiming the standard deduction when they purchase a home.
· Question 2
2 out of 2 points
During the year, Kim sold the following assets: business auto for a $1,000 loss, stock investment for a $1,000 loss, and pleasure yacht for a $1,000 loss. Presuming adequate income, how much of these losses may Kim claim?
· Question 3
0 out of 2 points
In terms of income tax consequences, abandoned spouses are treated the same way as married persons filing separate returns.
· Question 4
0 out of 2 points
Albert buys his mother a TV. For purposes of meeting the support test, Albert cannot include the cost of the TV.
· Question 5
2 out of 2 points
Claudes deductions from AGI exceed the standard deduction allowed for 2013. Under these circumstances, Claude cannot claim the standard deduction.
· Question 6
2 out of 2 points
For 2013, Stuart has a short-term capital loss, a collectible long-term capital gain, and a long-term capital gain from land held as investment. The short-term loss is first applied to the collectible capital gain.
· Question 7
2 out of 2 points
Butch and Minerva are divorced in December of 2013. Since they were married for more than one-half of the year, they are considered asmarried for 2013.
· Question 8
2 out of 2 points
When the kiddie tax applies and the parents are divorced, the applicable parent (for determining the parental tax) is the one with the greater taxable income.
· Question 9
2 out of 2 points
Dan and Donna are husband and wife and file separate returns for the year. If Dan itemizes his deductions from AGI, Donna cannot claim the standard deduction.
· Question 10
2 out of 2 points
Merle is a widow, age 80 and blind, who is claimed as a dependent by her son. During 2013, she received $4,800 in Social Security benefits, $2,350 in bank interest, and $1,800 in cash dividends from stocks. Merles taxable income is: