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Federal Taxation
Quiz 3: Tax Formula and Tax Determination an Overview of Property Transactions
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Question 21
True/False
Monique is a resident of the United States and a citizen of France.If she files a U.S.income tax return, Monique cannot claim the standard deduction.
Question 22
True/False
The deduction for personal and dependency exemptions has been suspended from 2018 through 2025.
Question 23
True/False
After her divorce, Hope continues to support her ex-husband's sister, Cindy, who does not live with her.Hope can claim Cindy as a dependent.
Question 24
True/False
Albert buys his mother a TV.For purposes of meeting the support test, Albert cannot include the cost of the TV.
Question 25
True/False
Jason and Peg are married and file a joint return.Both are over 65 years of age and Jason is blind.Their standard deduction for 2019 is $28,300 ($24,400 + $1,300 + $1,300 + $1,300).
Question 26
True/False
Derek, age 46, is a surviving spouse.If he has itemized deductions of $26,250 for 2019, Derek should not claim the standard deduction.
Question 27
True/False
Buddy and Hazel are ages 72 and 71, respectively, and file a joint return.If they have itemized deductions of $25,100 for 2019, they should not claim the standard deduction.
Question 28
True/False
In determining whether the gross income test is met for determining dependency status, only the taxable portion of a scholarship is considered.
Question 29
True/False
Using borrowed funds from a mortgage on her home, Leah provides 52% of her own support, and her sons furnished the rest.Leah can be claimed as a dependent under a multiple support agreement.
Question 30
True/False
When separate income tax returns are filed by married taxpayers, one spouse cannot claim the other spouse as a dependent.
Question 31
True/False
Butch and Minerva divorced in December 2019.Since they were married for more than one-half of the year, they are considered as married for 2019.
Question 32
True/False
If an individual does not spend funds that have been received from another source (e.g., interest on municipal bonds), the unexpended amounts are not considered for purposes of the support test.
Question 33
True/False
In 2019, Hal furnishes more than half of the support of his ex-wife and her father, both of whom live with him.The divorce occurred in 2018.Hal may claim the father-in-law and the ex-wife as dependents.
Question 34
True/False
Clara, age 68, claims head of household filing status.If she has itemized deductions of $18,900 for 2019, she should claim the standard deduction.
Question 35
True/False
Benjamin, age 16, is claimed as a dependent by his parents.During 2019, he earned $850 at a car wash.Benjamin's standard deduction is $1,450 ($1,100 + $350).
Question 36
True/False
Roy and Linda divorced in 2018.The divorce decree awards custody of their children (all under age 17) to Linda but is silent as to who is entitled to treat them as dependents for purposes of claiming the child tax credit.If Roy furnished more than half of their support, he can claim the child tax credit for them in 2019.
Question 37
True/False
For the year a spouse dies, the surviving spouse is considered married for the entire year for income tax purposes.
Question 38
True/False
Dan and Donna are husband and wife and file separate returns for the year.If Dan itemizes his deductions from AGI, Donna cannot claim the standard deduction.
Question 39
True/False
Debby, age 18, is claimed as a dependent by her mother.During 2019, Debby earned $1,200 in interest income on a savings account.Her standard deduction is $1,550 ($1,200 + $350).