TAX LEVEL 2 - STUDY
PREASSESSMENT EXAM QUESTIONS
WITH ALL CORRECT ANSWERS!!
1 of 52
Term
Schedules K-2 and K-3 (Form 1065) replace which lines on the K1? 19
16
17
20
Give this one a try later!
, Schedules K-2 and K-3 (Form
1065) replace which lines on
the K1? *Section 199A
19 C corporation deduction
*16 Qualified benefits
17 A 50% deduction
*20
*Gift
*Inheritance Charitable contributions
Having possession for more than *Student Loan Interest
a week *HSA contribution
*Purchasing *IRA contributions
Don't know?
2 of 52
Term
A Qualified Charitable Distribution can satisfy only part of your
required minimum distribution for the year
Give this one a try later!
True
*False
The amount in the nr4 form is in us
dollars true
*false
, *commercial
*residential
*industrial
*special purpose
*industrial
*special purpose
True
*false
qcds allow individuals age 70½ and older to make tax-free donations of up to
$100,000 a year directly from an ira to a qualified charity, thereby satisfying all
or part of their annual rmds.
Don't know?
3 of 52
Term
Vicki inherited her Mom's home and decided to use it as a short-
term rental to tourists visiting the area.
The average renter is there for just four days and Vicki tries to make
their stay as stress-free as possible by laundering the sheets, making
the beds, and cleaning it each day.
Schedule D is the form that Vicki would report the income and
expenses on.
Give this one a try later!
*commercial
The amount in the nr4 form is in us
*residential
dollars
*industrial
, true *special purpose
*false *industrial
*special purpose
*head of household
*married filing jointly
*single True
*married filing separately *False
*qualifying widower
Don't know?
4 of 52
Term
If cryptocurrency mining is a hobby, the income and expenses are
still reported on a Schedule C.
False
True
Give this one a try later!
*False True
True *False
donated
*decentralized *True
staked False
airdropped
Don't know?
PREASSESSMENT EXAM QUESTIONS
WITH ALL CORRECT ANSWERS!!
1 of 52
Term
Schedules K-2 and K-3 (Form 1065) replace which lines on the K1? 19
16
17
20
Give this one a try later!
, Schedules K-2 and K-3 (Form
1065) replace which lines on
the K1? *Section 199A
19 C corporation deduction
*16 Qualified benefits
17 A 50% deduction
*20
*Gift
*Inheritance Charitable contributions
Having possession for more than *Student Loan Interest
a week *HSA contribution
*Purchasing *IRA contributions
Don't know?
2 of 52
Term
A Qualified Charitable Distribution can satisfy only part of your
required minimum distribution for the year
Give this one a try later!
True
*False
The amount in the nr4 form is in us
dollars true
*false
, *commercial
*residential
*industrial
*special purpose
*industrial
*special purpose
True
*false
qcds allow individuals age 70½ and older to make tax-free donations of up to
$100,000 a year directly from an ira to a qualified charity, thereby satisfying all
or part of their annual rmds.
Don't know?
3 of 52
Term
Vicki inherited her Mom's home and decided to use it as a short-
term rental to tourists visiting the area.
The average renter is there for just four days and Vicki tries to make
their stay as stress-free as possible by laundering the sheets, making
the beds, and cleaning it each day.
Schedule D is the form that Vicki would report the income and
expenses on.
Give this one a try later!
*commercial
The amount in the nr4 form is in us
*residential
dollars
*industrial
, true *special purpose
*false *industrial
*special purpose
*head of household
*married filing jointly
*single True
*married filing separately *False
*qualifying widower
Don't know?
4 of 52
Term
If cryptocurrency mining is a hobby, the income and expenses are
still reported on a Schedule C.
False
True
Give this one a try later!
*False True
True *False
donated
*decentralized *True
staked False
airdropped
Don't know?
