Final Exam > Question 1
Which of the following is not a government-sponsored health plan that is minimum essential coverage?
TRICARE
XXHealth savings accounts
Medicaid
CHIP
Final Exam > Question 2
Minimum essential coverage means:
Health coverage that provides certain minimum benefits
XXCoverage in any employer-provided insurance, government program, or individually-purchased plan
Health coverage through a government-sponsored program only
Health coverage that costs at least a certain dollar amount
Final Exam > Question 3
Which one of the following statements about the final regulations on reimbursement arrangements is correct?
They replace the rules for accountable plans.
They impose the 50% limit for deducting meal expenses on multiple parties.
They eliminate the need for any party to substantiate expenses if there is a reimbursement agreement.
XXThey generally follow proposed regulations issued last year.
Final Exam > Question 4
A real estate professional can deduct losses in excess of passive activity income up to:
0
$25,000
$100,000
XXAny amount (no dollar limit)
Final Exam > Question 5
A spouse who is being held liable for all of the tax on a joint return may request any of the following relief except:
XXDe novo relief
Separate liability relief
Equitable relief
Basic innocent spouse relief
Final Exam > Question 6
What has transpired with respect to virtual currency?
The IRS has ruled it can be used to pay federal income taxes.
The IRS has ruled it cannot be used to pay federal income taxes.
XXThe GAO has advised the IRS to provide guidance on it.
The IRS has ruled that no income can result when using virtual currency in a transaction.
Final Exam > Question 7
The blended rate of 0.22% applies to:
Short-term loans issued with interest below this rate
Mid-term loans issued with interest below this rate
Long-term loans issued with interest below this rate
XXInterest-free demand loans outstanding for all of 2013
Final Exam > Question 8
In view of the Windsor decision, all of the following actions should be considered by same-sex married persons except:
Filing a new W-4
Revising estimated taxes
XXFiling as a single individual
Revising estate plans
Final Exam > Question 9
Which tax rule is now barred to a same sex married person?
XXFiling as head of household
Making a rollover of an IRA inherited from a spouse
Having medical costs reimbursed from a spouse’s FSA
Claiming a home sale exclusion
Final Exam > Question 10
What rights in retirement plans do same sex married persons now have:
Joint and survivor annuities
Consent to plan loans
Consent to distributions
XXAll of the above