This course, developed by noted tax authorities Sidney Kess and Barbara Weltman, provides you with an overview of recent tax developments and highlights planning tips and techniques to help you in your practice. The practice management tip deals with the Affordable Care Act.
Final Exam > Results Page
final exam score:
final exam status:
90%
PASSED
Final Exam > Question 1
The 2014 mileage rate for medical driving is?
14 cents per mile
XX 23.5 cents per mile
24 cents per mile
56 cents per mile
Final Exam > Question 2
Which factor is used to determine if there is an equitable ownership interest in a residence?
Whether the taxpayer has a right to possess and use the property.
Whether the taxpayer has a duty to maintain the property.
Whether the taxpayer bears the risk of loss of the property.
XX All of the above
Final Exam > Question 3
For a homeowner who received a payment under the National Mortgage Settlement, which situation can generate taxable gain?
The taxpayer had a loss on the foreclosure of the home.
The taxpayer had a gain on the foreclosure that was less than the home sale exclusion.
XX The taxpayer’s gain was less than prior depreciation.
The taxpayer’s gain was more than prior depreciation.
Final Exam > Question 4
Which statement about the parsonage allowance is true?
XX A U.S. District Court has declared it to be unconstitutional.
It is restricted to the rental value of housing provided by a religious group.
It applies only to ministers.
It cannot exceed $10,000 annually.
Final Exam > Question 5
All of the following payments can qualify for tax deferral except?
Cash bonuses paid under a nonqualified deferred compensation plan.
Cash-outs of unused leave paid in installments.
(Incorrect) XX Stock subject to substantial risk of forfeiture.
A percentage of salary deferred under a nonqualified deferred compensation plan.
Final Exam > Question 6
Which statement about the portability election is true?
The simplified extension allows an estate to avoid completing an estate tax return.
The simplified extension runs automatically for three years beyond the filing of the estate of the second spouse to die.
XX An estate relying on the IRS simplified extension must timely submit a completed Form 706.
The simplified extension applies only to same-sex married couples.
Final Exam > Question 7
What is a taxpayer right proposed by the National Taxpayer Advocate?
The right to be informed
The right to quality service
The right to pay no more than the correct amount of tax
XX All of the above
Final Exam > Question 8
Which is not an exemption for having required minimum essential coverage in 2014?
A financial hardship
XX Being unable to access a government exchange
A religious objection
Facing premiums that exceed 8% of income
Final Exam > Question 9
Which type of policy has the highest premiums?
Bronze
Silver
Gold
XX Platinum
Final Exam > Question 10
A family’s household income is 225% of the FPL. What is the applicable percentage for the premium assistance credit?
2%
3% to 4%
XX 6.3% to 8.05%
9.5%