Questions from General Taxation

Q: Vanessa and Martin file a joint return for 2019. They have

Vanessa and Martin file a joint return for 2019. They have one child, age 12. They have combined AGI of $202,000. What is their maximum permitted contribution to a Coverdell Education Savings Account...

Q: Which of the following statements is true for a Qualified Tuition Plan

Which of the following statements is true for a Qualified Tuition Plan (QTP)? a. Undergraduate or graduate students must be attending full time. b. Tax-free distributions are permitted of up to $10,0...

Q: Ellen is attending college less than half time. In the current

Ellen is attending college less than half time. In the current year, she had education-related expenses of $8,000 for tuition and fees, $4,000 for room and board, $500 in transportation to and from he...

Q: Juan is single and retired on January 1, 2019, at

Juan is single and retired on January 1, 2019, at age 62. He is entitled to receive monthly payments of $1,500 over his life from his employer’s qualified pension plan. The payments began January 1, 2...

Q: How does a change of duty station to a foreign location change

How does a change of duty station to a foreign location change the deduction of allowable moving expenses for a service member?

Q: Mark, who is single, must start making distributions from his

Mark, who is single, must start making distributions from his pension plan beginning April 1, 2019. At the end of 2018, when Mark was 71 years old, the plan had a balance of $220,000. He will use a si...

Q: Juanita, age 62, retired in 2019. During the year

Juanita, age 62, retired in 2019. During the year, she received distributions of $9,000 from her IRA. She made nondeductible contributions of $20,000 to the IRA in prior years and has never received a...

Q: For an exchange to qualify as a nontaxable exchange, what criteria

For an exchange to qualify as a nontaxable exchange, what criteria must be present? a. There must be an exchange. b. The property transferred and received must be real property held for use in a trad...

Q: For the asset received in a like-kind exchange, how

For the asset received in a like-kind exchange, how is the holding period of the new asset determined? a. According to the date the new asset is received. b. According to the date the old asset is gi...

Q: Terrance is age 71 and retired. Beginning in 2019, he

Terrance is age 71 and retired. Beginning in 2019, he must start taking minimum distributions from his IRA account that had a balance of $150,000 as of December 31, 2018. Make these three assumptions:...