Questions from Federal Taxation

Q: What are the five tests that must met for an individual to

What are the five tests that must met for an individual to be considered a dependent as a qualifying child? As a qualifying relative? Briefly explain each test.

Q: Which parent is entitled to claim the dependency exemption for a child

Which parent is entitled to claim the dependency exemption for a child when the parents are divorced? Can the other parent ever claim the dependency exemption?

Q: What is a multiple support agreement? When is a multiple support

What is a multiple support agreement? When is a multiple support agreement necessary?

Q: Refer to problem 71. In the following year, Jawan has

Refer to problem 71. In the following year, Jawan has the following capital gains and losses: Short-term capital loss………………………………..$ 1,300 Long-term capital gain………………………………….8,600 Long-term capital...

Q: What is a surviving spouse? Explain the tax benefit available to

What is a surviving spouse? Explain the tax benefit available to a surviving spouse.

Q: Under what circumstances can a married person file as a head-

Under what circumstances can a married person file as a head-of-household?

Q: What is the standard deduction? Explain its relationship to a taxpayer's

What is the standard deduction? Explain its relationship to a taxpayer's itemized deductions.

Q: Elki would like to invest $50,000 in tax-

Elki would like to invest $50,000 in tax-exempt securities. He now has the money invested in a certificate of deposit that pays 5.75% annually. What rate of interest would the tax-exempt security ha...

Q: What is an ad valorem tax? What is the significance of

What is an ad valorem tax? What is the significance of an ad valorem tax?

Q: What limitations are placed on miscellaneous itemized deductions?

What limitations are placed on miscellaneous itemized deductions?