Final Exam > Results Page
final exam score:
final exam status:
100%PASSED
Final Exam > Question 1 The 2015 standard deduction for a dependent with earned income of $2,000 and unearned income of $1,000 is:The 2015 standard deduction for a dependent with earned income of $2,000 and unearned income of $1,000 is:
$2,000
XXX$2,350
$3,000
$6,300
Final Exam > Question 2 What would be the deduction from gross income for a single taxpayer with tuition and fees of $10,000 and modified adjusted gross income of $75,000 (assuming that the deduction is extended for 2015)?What would be the deduction from gross income for a single taxpayer with tuition and fees of $10,000 and modified adjusted gross income of $75,000 (assuming that the deduction is extended for 2015)?
XXX$2,000
$3,000
$4,000
$10,000
Final Exam > Question 3 Which of the following individuals cannot claim the $250 educator deduction if each meets the 900-hour test and is involved in K-12 (assuming the deduction is extended for 2015)?Which of the following individuals cannot claim the $250 educator deduction if each meets the 900-hour test and is involved in K-12 (assuming the deduction is extended for 2015)?
Classroom aide
Principal
XXXParent who homeschools her child
Guidance counselor
Final Exam > Question 4 Susan James met all the requirements to deduct moving expenses when she moved from Arizona to Nevada. Which of the following are deductible as moving expenses?Susan James met all the requirements to deduct moving expenses when she moved from Arizona to Nevada. Which of the following are deductible as moving expenses?
Costs of pre-move house-hunting trips
Meal expenses
Cost of getting out of a lease on her old home
XXXCosts of traveling to her new home
Final Exam > Question 5 Mark Hanson is being permanently transferred from his office in Virginia to another office in Washington, D.C. His office in Virginia is 10 miles from his home. For Mark to meet the distance test to qualify for moving expense deductions, how many miles must the office in Washington, D.C., be from his current home?Mark Hanson is being permanently transferred from his office in Virginia to another office in Washington, D.C. His office in Virginia is 10 miles from his home. For Mark to meet the distance test to qualify for moving expense deductions, how many miles must the office in Washington, D.C., be from his current home?
10
40
50
XXX60
Final Exam > Question 6 An employer pays the moving cost to relocate an employee across the country. Which of the following statements is correct? Assume costs paid would be deductible by the employee.An employer pays the moving cost to relocate an employee across the country. Which of the following statements is correct? Assume costs paid would be deductible by the employee.
XXXThe employee does not have any income from the employer's payment
The employee must report the employer’s payment of moving costs as income but can claim an itemized deduction to offset the income.
The employee must report the employer’s payment of moving costs as income but can deduct this amount as an adjustment to gross income.
The employee can deduct the costs even though paid by the employer.
Final Exam > Question 7 In 2015, a single taxpayer’s AGI is $45,000. He is 66 years old and his medical costs (minus insurance reimbursements) total $6,500. He may deduct only medical costs in excess of:In 2015, a single taxpayer’s AGI is $45,000. He is 66 years old and his medical costs (minus insurance reimbursements) total $6,500. He may deduct only medical costs in excess of:
$1,125
XXX$3,375
$4,500
$6,500
Final Exam > Question 8 All of the following procedures qualify as a deductible medical expense except:All of the following procedures qualify as a deductible medical expense except:
Laser eye surgery
Breast reconstructive surgery
In vitro fertilization for a female having difficulty with conception
XXXFace lift
Final Exam > Question 9 A taxpayer has dental work done in December 2015 and charges the expenses to his credit card. None of the work is covered by insurance. He pays the charge bill in January 2016. He should:A taxpayer has dental work done in December 2015 and charges the expenses to his credit card. None of the work is covered by insurance. He pays the charge bill in January 2016. He should:
XXXDeduct the expenses in 2015 using his AGI for 2015
Deduct the expenses in 2016 using his AGI for 2015
Deduct the expenses in 2015 using his AGI for 2016
Not deduct anything in 2015 or 2016
Final Exam > Question 10 Deductible taxes include all of the following except:Deductible taxes include all of the following except:
Real estate taxes based on the assessed value of the property and charged uniformly against all property
XXXTaxes paid by parents on property owned by children
State and local income taxes
Personal property taxes based on the value of the personal property
Final Exam > Question 11 All of the following taxes could be deductible as itemized deductions except:All of the following taxes could be deductible as itemized deductions except:
XXXFICA paid by an employee on his/her wages
Local property tax
Ad valorem personal property tax
Foreign income taxes
Final Exam > Question 12 Which of the following interest expenses incurred by Leila Jackson is treated as nondeductible personal interest?Which of the following interest expenses incurred by Leila Jackson is treated as nondeductible personal interest?
Interest on a home equity loan of $75,000
Bonds purchased with accrued interest
XXXInterest on an ordinary bank loan used to pay for her son’s medical care
Interest incurred by a partnership in which Leila is a limited partner
Final Exam > Question 13 Interest incurred to purchase tax-exempt bonds is:Interest incurred to purchase tax-exempt bonds is:
Deductible as business interest
Deductible as investment interest
Deductible as personal interest
XXXNondeductible
Final Exam > Question 14 Points paid on a mortgage for a principal residence can be deducted in full in the year of payment except if the mortgage is taken to:Points paid on a mortgage for a principal residence can be deducted in full in the year of payment except if the mortgage is taken to:
XXXPay off an existing mortgage on the residence (e.g., refinance at a lower rate)
Improve the residence
Buy a principal residence
Construct a principal residence
Final Exam > Question 15 Which type of interest can be deducted without itemizing?Which type of interest can be deducted without itemizing?
Mortgage insurance premiums
Investment interest
Home mortgage interest
XXXStudent loan interest
Final Exam > Question 16 In 2015, Harrison donates $25 each week to his church. Which of the following is not acceptable substantiation for the donations?In 2015, Harrison donates $25 each week to his church. Which of the following is not acceptable substantiation for the donations?
XXXA diary with weekly notations of his contributions
A bank statement reflecting payment by check
A written acknowledgment from the church showing total annual contributions
A credit card statement reflecting payment by credit card
Final Exam > Question 17 In 2015, Harold Stanton donates his old car to a reputable charity. He believes the car is worth $1,000; the charity immediately sells it at auction for $600 and provides Harold with a written acknowledgment. What amount can Harold deduct as a charitable donation?In 2015, Harold Stanton donates his old car to a reputable charity. He believes the car is worth $1,000; the charity immediately sells it at auction for $600 and provides Harold with a written acknowledgment. What amount can Harold deduct as a charitable donation?
$500
XXX$600
$1,000
None of the above
Final Exam > Question 18 On November 18, 2015, Maryann Reilly donates two bags of items of used clothing to the Salvation Army. Some of the items are in good used condition, whereas others are in poor condition. Which statement is correct (assume proper substantiation)?On November 18, 2015, Maryann Reilly donates two bags of items of used clothing to the Salvation Army. Some of the items are in good used condition, whereas others are in poor condition. Which statement is correct (assume proper substantiation)?
She may deduct the value of all of the items.
She may deduct her cost for all of the items.
XXXShe may deduct only the value of the items in good used condition or better.
She may not deduct the value of any of the items.
Final Exam > Question 19 In December 2015, George Baker contributes cash to public charities. What, if anything, is his deduction for these donations limited to?In December 2015, George Baker contributes cash to public charities. What, if anything, is his deduction for these donations limited to?
10% of adjusted gross income
30% of adjusted gross income
XXX50% of adjusted gross income
There is no limit.
Final Exam > Question 20 Unused charitable contributions (in excess of the AGI limit):Unused charitable contributions (in excess of the AGI limit):
Can be carried forward indefinitely
Can be carried forward for two years
XXXCan be carried forward for five years
Are lost forever