Federal Taxation Exam 3 Questions &
Answers 100% Solved!
For purpose of deducting investment interest investment includes all of the following
except - ANSWERSLong term capital gains
losses on real estate rentals - ANSWERSmay be deductible if less than 150,000
A passive activity is when a taxpayer does not materially participate - ANSWERSTrue
which of the following is taxed by federal gov't but not states - ANSWERStreasury
interest
generally stock basis includes - ANSWERSoriginal cost+brokerage fees
the max amount of net capital losses that an individual may deduct against income -
ANSWERS3,000
which of the following is considered first in business losses - ANSWERStax basis
when stock is sold and bought within 30 days the loss is - ANSWERSadded to the cost
which of the following is preferential tax rate? - ANSWERSAll of the above
wash sales will disallow when a loss on stock sale only if the same stock is repurchases
within 30 days after the sale - ANSWERSfalse
which of the following taxes would never be deductible on schedule A -
ANSWERSLocal sewer tax
what is the maximum annual deduction for student loan interest - ANSWERS2,500
what is the maximum deduction that a taxpayer may take on taxes for schedule A -
ANSWERS10,000
Which of the following expenses is not permitted as a medical deduction on Schedule A
- ANSWERShealth club fees
Only taxpayers who itemize deductions are able to take a tax deduction for cash
contributions to a public charity - ANSWERSFalse
Which of the following is a deduction FROM agi - ANSWERSQualified business income
deduction
Answers 100% Solved!
For purpose of deducting investment interest investment includes all of the following
except - ANSWERSLong term capital gains
losses on real estate rentals - ANSWERSmay be deductible if less than 150,000
A passive activity is when a taxpayer does not materially participate - ANSWERSTrue
which of the following is taxed by federal gov't but not states - ANSWERStreasury
interest
generally stock basis includes - ANSWERSoriginal cost+brokerage fees
the max amount of net capital losses that an individual may deduct against income -
ANSWERS3,000
which of the following is considered first in business losses - ANSWERStax basis
when stock is sold and bought within 30 days the loss is - ANSWERSadded to the cost
which of the following is preferential tax rate? - ANSWERSAll of the above
wash sales will disallow when a loss on stock sale only if the same stock is repurchases
within 30 days after the sale - ANSWERSfalse
which of the following taxes would never be deductible on schedule A -
ANSWERSLocal sewer tax
what is the maximum annual deduction for student loan interest - ANSWERS2,500
what is the maximum deduction that a taxpayer may take on taxes for schedule A -
ANSWERS10,000
Which of the following expenses is not permitted as a medical deduction on Schedule A
- ANSWERShealth club fees
Only taxpayers who itemize deductions are able to take a tax deduction for cash
contributions to a public charity - ANSWERSFalse
Which of the following is a deduction FROM agi - ANSWERSQualified business income
deduction
