Final Exam > Results Page
final exam score:
final exam status:
100%
Question 1
Correct
For federal income tax purposes, homebuyer real property taxes are treated as follows:
(You Answered) (Correct Answer) Divided so that the homebuyer and the seller each pay taxes for the part of the property tax year that they owned the home.
If the homebuyer itemizes deductions, the homebuyer’s share of real property taxes is not fully deductible.
The homebuyer is credited with paying the taxes beginning with the day after the date of sale and the seller with paying the taxes up to and including the date of sale.
Deductible in 2011 even if the homebuyer does not itemize deductions
Question 2
Correct
A taxpayer who receives a distribution from a qualified retirement plan prior to age 59½, death, or disability generally is subject to a 10 percent early withdrawal tax on the amount includible in income, unless an exception to the tax applies. Among other exceptions, the early distribution tax does not apply to distributions:
Made to an employee who separates from service before age 55
That are not part of a series of substantially equal periodic payments made for the life (or life expectancy) of the employee
(You Answered) (Correct Answer) To qualified first-time homebuyer distributions from an individual retirement arrangement (“IRA”) (including a Roth IRA)
To qualified first-time homebuyer distributions from a Roth 401(k)
Question 3
Correct
A minister of the gospel’s gross income:
(You Answered) (Correct Answer) Does not include the rental value of a home furnished as part of his or her compensation
Includes furnishings and appurtenances such as a garage, plus the cost of utilities
Includes the rental allowance paid as part of his compensation
Includes rental allowance to the extent such allowance does not exceed the fair rental value of the home
Question 4
Correct
Mortgage interest and taxes allocable to tax-free allowances for ministers and military personnel are:
Disallowed deductions because IRC section 265 prohibits deductions for expenses allocable to tax exempt income
(You Answered) (Correct Answer) Allowable deductions because mortgage interest and tax expenses allocable to ministers and military personnel are an exception to IRC section 265
Not deductible if part of a parsonage allowance excluded from gross income
Deductible in 2011 even if ministers and military personnel do not itemize deductions
Question 5
Correct
Which of the following statements concerning the first-time homebuyer credit is not correct in 2011?
A homebuyer may claim the credit for a home with a purchase price less than $800,000.
The credit cannot be claimed for any year for which a homeowner could be claimed as a dependent on another person's tax return.
(You Answered) (Correct Answer) The credit can be claimed in 2011, even though neither homeowner nor spouse (if married) was on qualified official extended duty outside the United States as a member of the uniformed services or Foreign Service or an employee of the intelligence community.
The American Recovery and Reinvestment Act of 2009 (2009 Recovery Act) extended and enhanced the credit for 2009.