CDFA EXAM LATEST 2024-2025 ACTUAL EXAM
300 QUESTIONS AND CORRECT DETAILED
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,Aaron and Michelle have a c) Michelle can claim $2,000.
daughter, Julie, age three.
She lives with Michelle
four days a week and
Aaron three days a week.
Both Aaron and Michelle
are employed outside the
home and each pays half
of the $4,000 per year that
it costs to have Julie in a
daycare center during the
work-week. Who can
claim the childcare credit
—and for what amount?
a) Each parent can claim
half of the childcare
expenses.
b) Michelle can claim
$4,000.
c) Michelle can claim
$2,000.
d) Neither parent can
claim the childcare credit.
According to statistics, b) 50%
approximately how many
divorce cases use the "pro
se" approach to
settlement?
a) 40%
b) 50%
c) 60%
d) 70%
,Accumulating all of one's a) Bunching deductions
expenses in one year to
maximize the itemized
deductions for that year is
called:
a) Bunching deductions
b) Bundling deductions
c) Maximizing deductions
d) Grouping deductions
Adam and Kim are b) $12,500
divorced. Adam was
awarded use of their
jointly-owned home for
three years. It has been
three years and Adam and
Kim have sold the home
for $920,000. The basis
was $360,000, the
mortgage was $420,000,
and the selling expenses
were $35,000. What is
Kim's taxable capital gain?
a) $0
b) $12,500
c) $30,000
d) $262,500
, Adam and Mary used and a) As long as he retains title to the residence, Adam is
owned their residence treated as using the
during their eight-year residence during the period that Mary uses it.
marriage. If Mary has the
right to possession of the
residence until it is sold in
six years, Adam qualifies
for the capital gain
exclusion for the sale of
the residence under which
of the following
conditions?
a) As long as he retains
title to the residence,
Adam is treated as using
the
residence during the
period that Mary uses it.
b) As long as he retains
title to the residence,
Mary is treated as using
the
residence during the
period that Adam uses it.
c) If Adam is treated as
using the residence during
the period that Mary uses
it, then it does not matter
if he retains title to the
residence.
d) If Mary is treated as
using the residence during
the period that Adam uses
300 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+
Practice questions for this set
Learn
Studied 7 terms
Nice work, you're crushing it
Continue studying in Learn
Terms in this set (288)
,Aaron and Michelle have a c) Michelle can claim $2,000.
daughter, Julie, age three.
She lives with Michelle
four days a week and
Aaron three days a week.
Both Aaron and Michelle
are employed outside the
home and each pays half
of the $4,000 per year that
it costs to have Julie in a
daycare center during the
work-week. Who can
claim the childcare credit
—and for what amount?
a) Each parent can claim
half of the childcare
expenses.
b) Michelle can claim
$4,000.
c) Michelle can claim
$2,000.
d) Neither parent can
claim the childcare credit.
According to statistics, b) 50%
approximately how many
divorce cases use the "pro
se" approach to
settlement?
a) 40%
b) 50%
c) 60%
d) 70%
,Accumulating all of one's a) Bunching deductions
expenses in one year to
maximize the itemized
deductions for that year is
called:
a) Bunching deductions
b) Bundling deductions
c) Maximizing deductions
d) Grouping deductions
Adam and Kim are b) $12,500
divorced. Adam was
awarded use of their
jointly-owned home for
three years. It has been
three years and Adam and
Kim have sold the home
for $920,000. The basis
was $360,000, the
mortgage was $420,000,
and the selling expenses
were $35,000. What is
Kim's taxable capital gain?
a) $0
b) $12,500
c) $30,000
d) $262,500
, Adam and Mary used and a) As long as he retains title to the residence, Adam is
owned their residence treated as using the
during their eight-year residence during the period that Mary uses it.
marriage. If Mary has the
right to possession of the
residence until it is sold in
six years, Adam qualifies
for the capital gain
exclusion for the sale of
the residence under which
of the following
conditions?
a) As long as he retains
title to the residence,
Adam is treated as using
the
residence during the
period that Mary uses it.
b) As long as he retains
title to the residence,
Mary is treated as using
the
residence during the
period that Adam uses it.
c) If Adam is treated as
using the residence during
the period that Mary uses
it, then it does not matter
if he retains title to the
residence.
d) If Mary is treated as
using the residence during
the period that Adam uses
