Basics
Determining Tax
Inclusions in Gross Income
Exclusions from Gross Income
Property - Capital Gains / Losses
100
Most taxes in the US use this type of structure
What is progressive
100
The amount of personal and dependency exemptions each individual is entitled to
What is 1?
100
The two types of law structure used to allocate income between married individuals
What are common law and community property law
100
The tax treatment for an auto mechanic repairing his own vehicle
What is not taxable?
100
Formula for calculating amount realized in a sale of property
What is amount received (cash, property, debt assumed) less any selling expenses?
200
Two locations that can be used to figure out tax payable
What are tax tables and / or rate schedules
200
The deductible floor for medical expenses when itemizing deductions
What is 10% of AGI?
200
The tax treatment for unemployment compensation
What is fully taxable?
200
Anne won the Nobel prize. If she fulfills these requirements, she will not be taxed on her award.
What are, not be self nominated, not have to perform future services, and donate the award to charity.
200
The basis of property received as a gift
What is the donor's basis, depending on the fair market value?
300
This type of business is subject to "double taxation"
What is a corporation?
300
The basic form used by most taxpayers
What is Form 1040?
300
This type of bond is tax free if the proceeds are used to pay for certain college expenses
What are Series EE Savings Bonds?
300
Type of expenses NOT excluded from income when dealing with scholarships and fellowships
What are room and board?
300
The amount of capital loss that can be deducted in any one year
What is $3,000?
400
The statute of limitations for the IRS or a taxpayer to make changes to a return when material differences or fraud do not exist
What is three years?
400
A couple has two children, Jack and Elaine, and a family dog, Rufus. They provided all of the support for all three individuals in 2013. Jack is 16 and lives at home. Elaine is 23, a full time college student, and lives in the dorm. Give the number of personal and dependency exemptions the family can claim.
What are 4?
400
Alimony must be included in gross income, but which two other types of support are not subject to income tax?
What are child support and property settlement?
400
Tax treatment of the value of dinner paid for by the hotel for their hotel manager who works 3-11 every day
What is not taxable?
400
The section of the tax code that defines what is NOT a capital asset
What is Section 1221?
500
The amount of the exclusion for the gift tax in 2013
What is $14,000
500
The filing status for Julie, a widow with a 19 year old son who lives at home and does not attend school, in the year of the death of her husband.
What is married filing jointly?
500
The maximum percentage of Social Security that may be taxable, according to income?
What is 85%?
500
Amount of the 2013 foreign-earned income exclusion, provided the taxpayer is a resident or present in a foreign country for at least 330 days in a 12 month period.
What is $97,600?
500
The schedule used for capital gains and losses
What is Schedule D?
M
e
n
u