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Exam 3: Tax Determination: Personal and Dependency Exemptions: an Overview of Property Transactions

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Question 1

True/False

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Keith,age 17 and single,earns $3,000 during 2011.Keith's parents can claim him as a dependent even if he does not live with them.

A) True
B) False

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Question 2

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Ashley earns a salary of $35,000,has capital gains of $4,000,and interest income of $3,000 in 2011.Her husband died in 2010.Ashley has a dependent son,Tyrone,who is age 8.Her itemized deductions are $9,000.

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Question 3

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Sylvia,age 17,is claimed by her parents as a dependent.During 2011,she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200.Sylvia's taxable income is:

In 2011,Hal furnishes more than half of the support of his ex-wife and her father,neither of whom lives with him.The divorce occurred in 2010.Hal may claim the father-in-law and the ex-wife as dependents.

Mr.Lee is a citizen and resident of Hong Kong,while Mr.Anderson is a citizen and resident of the U.S.In the taxation of income,Hong Kong uses a territorial approach,while the U.S.follows the global system.In terms of effect,explain what this means to Mr.Lee and Mr.Anderson.

Using borrowed funds from a mortgage on her home,Leah provides 52% of her own support,while her sons furnished the rest.Leah cannot be claimed as a dependent under a multiple support agreement.

Kim,a resident of Oregon,supports his parents who are residents of Canada but citizens of Korea.Kim can claim his parents as dependents.

A child who is married cannot be subject to the kiddie tax.

Ellen,age 39 and single,furnishes more than 50% of the support of her parents,who do not live with her.Ellen practices as a self-employed interior decorator and has gross income in 2011 of $120,000.Her deductions are as follows: $30,000 business and $8,100 itemized.

When the kiddie tax applies,the child need not file an income tax return because the child's income will be reported on the parents' return.

During 2011,Marcus had the following capital gains and losses:

During 2011,Anna had the following transactions: Anna's AGI is:

Nelda is married to Chad,who abandoned her in early June of 2011.She has not seen or communicated with him since then.She maintains a household in which she and her two dependent children live.Which of the following statements about Nelda's filing status in 2011 is correct?

Which,if any,of the following is a deduction for AGI?

Roy and Linda were divorced in 2010.The divorce decree awards custody of their children to Linda but is silent as to who is entitled to claim them as dependents.If Roy furnished more than half of their support,he can claim them as dependents in 2011.

Lena is 66 years of age,single,and blind and is not claimed as a dependent.How much gross income must she have before she is required to file a Federal income tax return for 2011?

In 2011,Ed is 66 and single.If he has itemized deductions of $7,200,he should claim the standard deduction alternative.

Ed is divorced and maintains a home in which he and a dependent friend live.Ed does not qualify for head of household filing status.

For the current year,David has salary income of $80,000 and the following property transactions: What is David's AGI for the current year?

Regarding the Tax Tables applicable to the Federal income tax,which of the following statements is correct?