Questions from General Taxation


Q: Prepare a table of the possible IRS penalties listed in the text

Prepare a table of the possible IRS penalties listed in the text and give a brief summary of the purpose of each penalty.

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Q: What is a for AGI deduction? Give three examples.

What is a for AGI deduction? Give three examples.

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Q: What qualifications are necessary to file as head of household?

What qualifications are necessary to file as head of household?

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Q: What is a multiple support agreement, and what is its purpose

What is a multiple support agreement, and what is its purpose?

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Q: Mimi is 22 years old and is a full-time student

Mimi is 22 years old and is a full-time student at Ocean County Community College. She lives with her parents, who provide all of her support. During the summer, she put her Web design skills to wor...

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Q: A person is selling some property and wishes to obtain payment partially

A person is selling some property and wishes to obtain payment partially in cash with the remainder in the form of a carryback note receivable. a. Why might the seller wish to increase the sales pric...

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Q: Explain the rules governing the exemption of interest on U.S

Explain the rules governing the exemption of interest on U.S. savings bonds from taxation if it is used for educational purposes.

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Q: Define imputed interest.

Define imputed interest.

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Q: Briefly explain the application of the imputed interest rules.

Briefly explain the application of the imputed interest rules.

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Q: Define original issue discount (OID). Under what circumstances are the

Define original issue discount (OID). Under what circumstances are the OID rules applied?

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