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In general, a CPA will satisfy his professional responsibilities under the Statement on Standards for Tax Services when recommending a tax return position if he complies with the standards imposed by the applicable tax authority. (Points : 5) True
False

2. Taxpayers are generally allowed to claim deductions for expenditures unless a specific tax provision indicates the expenditure is not deductible. (Points : 5)

True
False

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3. Joanna received $60,000 compensation from her employer, the value of her stock in ABC company appreciated by $5,000 during the year (but she did not sell any of the stock), she received $30,000 of life insurance proceeds from the death of her husband. What is the amount of Joanna’s gross income from these items? (Points : 5)

$60,000
$65,000
$95,000
$97,000

4. Sally received $50,000 of compensation from her employer and she received $400 interest from a corporate bond. What is the amount of Sally’s gross income from these items? (Points : 5)

$0
$400
$50,000
$50,400

5. The standard deduction amount for married filing separately taxpayers (MFS) is less than the standard deduction amount for married filing jointly taxpayers.

(Points : 5)

True
False

6. Margaret was issued a $150 speeding ticket. This is: (Points : 5)

A tax because payment is required by law
A tax because the payment is not related to any specific benefit received from the government agency collecting the ticket
Not a tax because it is considered a fine intended to punish illegal behavior
A tax because it is imposed by a government agency
Not a tax because Margaret could have avoided payment if she did not speed

7. If a taxpayer is due a refund, she does not have to file a tax return. (Points : 5)

True
False

8. The standard deduction amount varies by filing status. (Points : 5)

True
False

9. Which of the following statements regarding realized income is true? (Points : 5)

Taxpayers need not include realized income in gross income unless a specific provision of the tax code requires them to do so.
Realized income requires some type of transaction or exchange with a second party.
Once income is realized it may not be excluded from gross income.
None of the above statements is true.

10. Rowanda could not settle with the IRS at the appeals conference. If she wants to litigate the issue but does not have sufficient funds to pay the proposed tax deficiency, Rowanda should litigate in the: (Points : 5)

U.S. District Court.
U.S. Circuit Court of Appeals.
U.S. Court of Federal Claims.
U.S. Tax Court.
None of the above.

11. If Marc requests an extension to file his tax return, the latest he could file his return without penalty is: (Points : 5)

September 15th.
October 15th.
August 15th.
November 15th.
None of the above.

12. Dominic earned $1,500 this year, and his employer withheld $200 of federal income tax from his salary. Assuming that Dominic will have zero tax liability this year, he: (Points : 5)

is required to file a tax return.
is not required to file a tax return but should file a return anyway.
is required to file a tax return but should not file because he owes no tax.
is not required to file a tax return and should not file a return.
None of the above.

13. Anna is a qualifying child of her parents. However, she was recently married. Anna and her husband filed a joint return. If they had filed separately, Anna would have owed no taxes, though her husband would have owed just $5. Because Anna herself owed no taxes, her parents can still claim her as a dependent. (Points : 5)

True
False

14. Which of the following is not a factor that determines whether a taxpayer is required to file a tax return? (Points : 5)

Filing status
Taxpayer’s gross income
Taxpayer’s employment
Taxpayer’s age

15. Linsey has a very complex tax return and it looks like she will not be able to file her tax return by its due date. When is her tax return due? What are Linsey’s options for paying her tax due and filing her tax return this year? What are the consequences if Linsey does not file or pay her tax timely? Be specific. (Points : 10)
Her tax return is due on April 15th. Any individual or corporation unable to file a tax return by the original due date can, by that same deadline, request a six month extension to file, which is granted automatically by the IRS. An extension allows the taxpayer to delay filing a tax return but does not extend the due date for tax payments. Thus, when a taxpayer files an extension, she must estimate how much tax will be owed. If a taxpayer fails to pay the entire balance of tax owed by the original due date of the tax return, the IRS charges the taxpayer interest on the underpayment from the due date of the return until the taxpayer pays the tax. As you might guess, the IRS imposes penalties on taxpayers failing to comply with the tax law. In the case of failure to file a tax return, the penalty equals 5 percent of the tax due for each month (or partial month) that the return is late. However, the maximum penalty is generally 25 percent of the tax owed, and the failure to file penalty does not apply if the taxpayer owes no tax.

16. Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2012, what is his effective tax rate (rounded)? Be sure to show all work to receive full credit.

(Points : 10)
60,000 35,350 = 24,650 24,560

17. The Tanakas filed jointly in 2012. They reported $16,000 of itemized deductions and they have two children, one of whom qualifies as their dependent. The 2012 standard deduction amount is $11,900 and each exemption is $3,800. What is the total amount of from AGI deductions they are allowed to claim on their 2012 tax return? Show all work to receive full credit. (Points : 10)

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