Test
Chapter 16
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Preguntas del test (19)
1Reorganization is a non taxable exchange
- AVerdadero
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2Which of the following is false regarding annuities?
- AThey are misleading, as they do not adjust for inflation
- BPremiums that you pay will equal your basis, so this part is recovered tax-free
- CAnnuities are more beneficial for the buyers than for the insurance company
3If you pay $400k in annuity premiums, but you'll live long enough to use 720k worth, how much of each dollar of annuity payment must you pay tax on?
- A400/720
- B720/400
4Which of the following is not a characteristic of US EE savings bonds?
- AYou pay for half
- BThey accrue interest, on which you continually pay tax
- CAll accrued interest is taxable at once
- DThey stop paying interest after 30 years
5Only net profit (rents minus operating and maintenance expenses) are included in the AGI of an owner of rental real estate.
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6Which of the following is true about rental real estate?
- ARental real estate is a 1231 asset
- BBuildings are depreciated using MACRS with either 27.5 or 39 year recover periods
- CDepreciation allows owners to recover their investments in buildings
- DRental real estate is never subject to Medicare contribution tax
7A passive activity occurs when someone owns interest in a business and materially participates in the business, but they are not concerned about whether they make a profit.
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8Which of the following people would definitely be able to take a deduction of $5k for their passive activity loss?
- ASandra had a regular business loss of $10k in the same year.
- BBilly had a regular business loss of $4k in that same year and no passive activity income
- CLola had $5k of passive activity income
9Hotels do not count as passive activity rental properties.
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10Whom of the following would be eligible for the special $25k passive activity loss deduction?
- ANancy, who makes $150k/year
- BZach, who makes $600k/year
11Which of the following is an acceptable way to "cut one's losses" from a passive activity?
- AGet out the business and sell
- BGet involved in another passive activity, make a profit,and deduct the passive loss from your previous activity
12Jill is single and has a net investment income of $125k and an AGI of $300k. How much will her income Medicare contribution tax be?
- A$4,651, or 3.8% of her net investment income
- B$11,400, or 3.8% of her AGI.
- C$3,800, or 3.8% of the excess of her AGI over the threshold of $200k
13There are four basic kinds of transfer taxes.
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14A person has to be alive to transfer something subject to gift tax.
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15Which of the following gifts are not taxable?
- ADenny gives his convertible to his wife, friend Morton.
- BFelicia pays for her niece's chemotherapy treatments.
- CWally gives loses his prize race horse in a bet.
16Which of the following are eligible for a tax exclusion (given that none of the following people are related or married?
- ATim gives Theresa a diamond ring worth $6k
- BKimberly gives Kate a set of pots worth $300
- CDana gives Lorraine a cooking lesson and pays for $30 of groceries
- DLorraine gives Kyle plane tickets worth $20k so he can travel the world
17You don't actually pay the tax on gift items until the lifetime transfer tax exclusion is reached. This is $5M, indexed each year for inflation. After this threshold is reached, the tax rate is 40%
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18Which of the following estates won't have to pay tax?
- ABetty leaves all her money to her son Tim
- BRamona leaves all her money to her husband Levi
- CJanelle leaves all her money to Boys and Girls Club
- DTom leaves all his money to his mistress Crystal
19If Karla inherits a house worth $1M from her mother Bella, she will have to include it in her income for that year.
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Información
- Descripción
- Chapter 16 of ACT330 from CSU - Samelson
- Autor
- Stephany Fox
- Idioma
- English
- Visitas
- 48
- Etiquetas
- Valoración
- Aún sin valoraciones Valora este test