Questions from General Taxation

Q: Compare similarities and differences of the American opportunity tax credit and the

Compare similarities and differences of the American opportunity tax credit and the lifetime learning credit.

Q: What is the purpose of the alternative minimum tax for an individual

What is the purpose of the alternative minimum tax for an individual?

Q: Explain why Congress allows taxpayers to deduct the penalty for a premature

Explain why Congress allows taxpayers to deduct the penalty for a premature withdrawal from a certificate of deposit?

Q: If an individual has a negative taxable income does that mean that

If an individual has a negative taxable income does that mean that he or she has an NOL? Explain.

Q: Explain how a taxpayer determines if he or she is required to

Explain how a taxpayer determines if he or she is required to file a tax return?

Q: What is the kiddie tax and when does it apply?

What is the kiddie tax and when does it apply?

Q: Describe the two types of Medicare surtaxes and explain how they are

Describe the two types of Medicare surtaxes and explain how they are computed.

Q: Are there any restrictions on business use of the cash method of

Are there any restrictions on business use of the cash method of accounting? Explain.

Q: What are the filing statuses available to unmarried taxpayers? Which statuses

What are the filing statuses available to unmarried taxpayers? Which statuses are available only to married taxpayers?

Q: What are the requirements to file as head of household?

What are the requirements to file as head of household?