TAX 4001 EXAM 1 QUESTIONS & ANSWERS
Fill in the blank. A cash-basis individual taxpayer who take the standard deduction
receives the following amounts. Identify weather each is: a. fully, b. partially or c. fully
excluded in gross income 2009
Interest of $3,000 from State of Georgia bonds is received on Nov. 1, 2009 - Answer -a
Fill in the blank. A cash-basis individual taxpayer who take the standard deduction
receives the following amounts. Identify weather each is: a. fully, b. partially or c. fully
excluded in gross income 2009
Life insurance proceeds of $60,000 are received in Sept. 2009 due to death of parent. -
Answer -c
Fill in the blank. A cash-basis individual taxpayer who take the standard deduction
receives the following amounts. Identify weather each is: a. fully, b. partially or c. fully
excluded in gross income 2009
$2,000 cash dividends are received in December 2009 on General Motors stock. -
Answer -a
Fill in the blank. A cash-basis individual taxpayer who take the standard deduction
receives the following amounts. Identify weather each is: a. fully, b. partially or c. fully
excluded in gross income 2009
$1,000 state income tax refunds is received in May 2009 - Answer -idk
Fill in the blank. A cash-basis individual taxpayer who take the standard deduction
receives the following amounts. Identify weather each is: a. fully, b. partially or c. fully
excluded in gross income 2009
$500 paychecks properly received on Jan. 2 2009 for work performed in 2008 - Answer
-a
True or False: Income taxes are collected by the federal government and most state
governments, but not by cities or countries - Answer -False
True or False: Suspended at risk losses may be deducted in the year that the taxpayer
disposes of the underlying investment - Answer -True
True or False: Individual taxpayers are allowed to reduce their adjusted gross income
by either the standard deduction or their itemized deduction but not both - Answer -
True
Fill in the blank. A cash-basis individual taxpayer who take the standard deduction
receives the following amounts. Identify weather each is: a. fully, b. partially or c. fully
excluded in gross income 2009
Interest of $3,000 from State of Georgia bonds is received on Nov. 1, 2009 - Answer -a
Fill in the blank. A cash-basis individual taxpayer who take the standard deduction
receives the following amounts. Identify weather each is: a. fully, b. partially or c. fully
excluded in gross income 2009
Life insurance proceeds of $60,000 are received in Sept. 2009 due to death of parent. -
Answer -c
Fill in the blank. A cash-basis individual taxpayer who take the standard deduction
receives the following amounts. Identify weather each is: a. fully, b. partially or c. fully
excluded in gross income 2009
$2,000 cash dividends are received in December 2009 on General Motors stock. -
Answer -a
Fill in the blank. A cash-basis individual taxpayer who take the standard deduction
receives the following amounts. Identify weather each is: a. fully, b. partially or c. fully
excluded in gross income 2009
$1,000 state income tax refunds is received in May 2009 - Answer -idk
Fill in the blank. A cash-basis individual taxpayer who take the standard deduction
receives the following amounts. Identify weather each is: a. fully, b. partially or c. fully
excluded in gross income 2009
$500 paychecks properly received on Jan. 2 2009 for work performed in 2008 - Answer
-a
True or False: Income taxes are collected by the federal government and most state
governments, but not by cities or countries - Answer -False
True or False: Suspended at risk losses may be deducted in the year that the taxpayer
disposes of the underlying investment - Answer -True
True or False: Individual taxpayers are allowed to reduce their adjusted gross income
by either the standard deduction or their itemized deduction but not both - Answer -
True
