Questions from Individual Taxation

Q: 17. Which of the following self-employed taxpayers are most

17. Which of the following self-employed taxpayers are most likely permitted to deduct the cost of their uniform? a. A lawyer who wears a business suit b. A furnace repairman who must wear overalls w...

Q: Ray and Maria Gomez have been married for 3 years. Ray

Ray and Maria Gomez have been married for 3 years. Ray is a propane salesman for Palm Oil Corporation and Maria works as a city clerk for the City of McAllen. Ray’s birthdate is Febr...

Q: 3. Yasmeen purchases stock on January 30, 2018. If

3. Yasmeen purchases stock on January 30, 2018. If she wishes to achieve a long-term holding period, what is the first date that she can sell the stock as a long-term gain? a. January 20, 2019 b. Janu...

Q: 13. Kevin purchased a house 20 years ago for $100

13. Kevin purchased a house 20 years ago for $100,000 and he has always lived in the house. Three years ago, Kevin married Karen, and she has lived in the house since their marriage. If they sell Kevi...

Q: 1. Which of the following recent tax changes is not scheduled

1. Which of the following recent tax changes is not scheduled to expire after 2025? a. Suspension of personal exemptions b. General lowering of individual tax rates c. Restrictions on the deduction of...

Q: 11. Margaret and her sister support their mother and together provide

11. Margaret and her sister support their mother and together provide 85 percent of their mother’s support. If Margaret provides 40 percent of her mother’s support: a. Her sister is the only one who c...

Q: 21. Shannon, a single taxpayer, has a long-

21. Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2019 and no other capital gains or losses. Her taxable income without this transaction is $47,000. What i...

Q: 6. Which of the following items would be included in the

6. Which of the following items would be included in the gross income of the recipient? a. Insurance payments for medical care of a dependent child b. Insurance payments for loss of the taxpayer’s sig...

Q: Scott Butterfield is self-employed as a CPA. He uses

Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Social Security number is 644-47-7833. His principal business code is 541211. Scott’s CPA...

Q: Go to the U.S. General Services Administration (GSA

Go to the U.S. General Services Administration (GSA) website. For the month of September 30, 2019, what is the per diem rate for each of the following towns: a. Flagstaff, AZ b. Palm Springs, CA c. De...