Questions from Federal Taxation


Q: Kim was seriously injured at her job. As a result of

Kim was seriously injured at her job. As a result of her injury, she received the following payments. • $5,000 reimbursement from employer-provided health insurance for medical expenses paid by Kim. T...

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Q: Linda is an employee of JRH Corporation. Which of the following

Linda is an employee of JRH Corporation. Which of the following is included in Linda's gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for $50,000 of coverage...

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Q: Bob and Nancy are married and file a joint return. They

Bob and Nancy are married and file a joint return. They are both under age 50 and employed, with wages of $50,000 each. Their total AGI is $110,000. Neither of them is an active participant in a quali...

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Q: John Parsons (123-45-6781) and George Smith

John Parsons (123-45-6781) and George Smith (123-45-6782) are 70%, and 30%, owners, respectively, of Premium, Inc. (11-1111111), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303. P...

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Q: Paul and Donna Decker are married taxpayers, ages 44 and 42

Paul and Donna Decker are married taxpayers, ages 44 and 42, respectively, who file a joint return for 2018. The Deckers live at 1121 College Avenue, Carmel, IN 46032. Paul is an assistant manager at...

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Q: On November 1, 2008, Janet Morton and Kim Wong formed

On November 1, 2008, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom i5 summarized as follows. • Pet Ki...

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Q: Ryan Ross (111-11-1112), Oscar Omega (

Ryan Ross (111-11-1112), Oscar Omega (222-22-2222), Clark Carey (333-33-3333). and Kim Kardigan (444 44 4444) are equal active members in ROCK the Ages 11.C. ROCK serves as agent and manager for promi...

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Q: In the current year, Wells paid the following expenses:

In the current year, Wells paid the following expenses: In the current year, Wells recovered $1,500 of the $2,000 that she paid for physical therapy through insurance reimbursement from a group medi...

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Q: Which of the following credits is considered "refundable"? a

Which of the following credits is considered "refundable"? a. Child and dependent care credit b. Retirement plan contribution credit c. Child tax credit d. Credit for elderly

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Q: Jim spent four years earning his undergraduate degree at a local university

Jim spent four years earning his undergraduate degree at a local university. He began his first year of Jaw school in January of the current year. Assuming he is under the phase out limitation, what e...

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