4018523
Descripción
Test por Stephany Fox, actualizado hace más de 1 año
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Creado por Stephany Fox
hace alrededor de 9 años
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Pregunta 1
Pregunta
Reorganization is a non taxable exchange
Respuesta
- True
- False
Pregunta 2
Pregunta
Which of the following is false regarding annuities?
Respuesta
-
They are misleading, as they do not adjust for inflation
-
Premiums that you pay will equal your basis, so this part is recovered tax-free
-
Annuities are more beneficial for the buyers than for the insurance company
Pregunta 3
Pregunta
If you pay $400k in annuity premiums, but you'll live long enough to use 720k worth, how much of each dollar of annuity payment must you pay tax on?
Respuesta
-
400/720
-
720/400
Pregunta 4
Pregunta
Which of the following is not a characteristic of US EE savings bonds?
Respuesta
-
You pay for half
-
They accrue interest, on which you continually pay tax
-
All accrued interest is taxable at once
-
They stop paying interest after 30 years
Pregunta 5
Pregunta
Only net profit (rents minus operating and maintenance expenses) are included in the AGI of an owner of rental real estate.
Respuesta
- True
- False
Pregunta 6
Pregunta
Which of the following is true about rental real estate?
Respuesta
-
Rental real estate is a 1231 asset
-
Buildings are depreciated using MACRS with either 27.5 or 39 year recover periods
-
Depreciation allows owners to recover their investments in buildings
-
Rental real estate is never subject to Medicare contribution tax
Pregunta 7
Pregunta
A passive activity occurs when someone owns interest in a business and materially participates in the business, but they are not concerned about whether they make a profit.
Respuesta
- True
- False
Pregunta 8
Pregunta
Which of the following people would definitely be able to take a deduction of $5k for their passive activity loss?
Respuesta
-
Sandra had a regular business loss of $10k in the same year.
-
Billy had a regular business loss of $4k in that same year and no passive activity income
-
Lola had $5k of passive activity income
Pregunta 9
Pregunta
Hotels do not count as passive activity rental properties.
Respuesta
- True
- False
Pregunta 10
Pregunta
Whom of the following would be eligible for the special $25k passive activity loss deduction?
Respuesta
-
Nancy, who makes $150k/year
-
Zach, who makes $600k/year
Pregunta 11
Pregunta
Which of the following is an acceptable way to "cut one's losses" from a passive activity?
Respuesta
-
Get out the business and sell
-
Get involved in another passive activity, make a profit,and deduct the passive loss from your previous activity
Pregunta 12
Pregunta
Jill is single and has a net investment income of $125k and an AGI of $300k. How much will her income Medicare contribution tax be?
Respuesta
-
$4,651, or 3.8% of her net investment income
-
$11,400, or 3.8% of her AGI.
-
$3,800, or 3.8% of the excess of her AGI over the threshold of $200k
Pregunta 13
Pregunta
There are four basic kinds of transfer taxes.
Respuesta
- True
- False
Pregunta 14
Pregunta
A person has to be alive to transfer something subject to gift tax.
Respuesta
- True
- False
Pregunta 15
Pregunta
Which of the following gifts are not taxable?
Respuesta
-
Denny gives his convertible to his wife, friend Morton.
-
Felicia pays for her niece's chemotherapy treatments.
-
Wally gives loses his prize race horse in a bet.
Pregunta 16
Pregunta
Which of the following are eligible for a tax exclusion (given that none of the following people are related or married?
Respuesta
-
Tim gives Theresa a diamond ring worth $6k
-
Kimberly gives Kate a set of pots worth $300
-
Dana gives Lorraine a cooking lesson and pays for $30 of groceries
-
Lorraine gives Kyle plane tickets worth $20k so he can travel the world
Pregunta 17
Pregunta
You don't actually pay the tax on gift items until the lifetime transfer tax exclusion is reached. This is $5M, indexed each year for inflation. After this threshold is reached, the tax rate is 40%
Respuesta
- True
- False
Pregunta 18
Pregunta
Which of the following estates won't have to pay tax?
Respuesta
-
Betty leaves all her money to her son Tim
-
Ramona leaves all her money to her husband Levi
-
Janelle leaves all her money to Boys and Girls Club
-
Tom leaves all his money to his mistress Crystal
Pregunta 19
Pregunta
If Karla inherits a house worth $1M from her mother Bella, she will have to include it in her income for that year.
Respuesta
- True
- False
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