Call us 24/7: + 1(925)399 0085

Get your paper done by an expert

No matter what kind of academic paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcer. Save more time for yourself.

WhatsApp + 1(925)399 0085
$ 10
free
  • bibliography
  • title page
  • revisions
per page
19 k happy customers
4.7 out of 5 satisfaction rate
27 writers active

For the year ended December 31, current year, David, a married taxpayer filing a joint return

1.For the year ended December 31, current year, David, a married taxpayer filing a joint return, reported the following:

Investment income from interest $24,000

Investment expenses other than interest 4,000

Interest expense on funds borrowed in 2005 to purchase investment property 70,000

What is the maximum amount that David can deduct in the current year as investment interest expense?

$7,000

$20,000

$21,000

$24,000

5 points

Question 2

Charlie took a $7,000 distribution from his educational savings account and used $6,500 to pay for qualified higher education expenses. On the date of the distribution, his educational savings account had a $28,000 balance including the $21,000 he had contributed. How much of the $7,000 distribution is tax free?

$0

$7,000

$6,500

$6,875

5 points

Question 3

The expenses associated with the rental of a residence used for both personal and rental purposes are subject to three possible tax treatments. Which of the following is not included as one of the three?

If a residence is rented for fewer than 15 days during the year the rental period is disregarded and the residence is regarded as a personal residence for tax purposes.

If the residence is rented for 15 days or more and is used for personal purposes for not more than 14 days or 10 percent of the days rented, whichever is greater, the residence is treated as rental property.

If the residence is rented for 15 days or more and is used for personal purposes for not more than 14 days or 10 percent of the days rented, whichever is greater, the residence is treated as a personal residence for tax purposes.

If the residence is rented for 15 days or more and is used for personal purposes for more than 14 days or 10 percent of the days rented, whichever is greater, allocable rental expenses are allowed only to the extent of rental income.

Question 4

To be deductible, the cost of uniforms must be:

A required condition of employment and not be suitable for everyday use

A required condition of employment yet can be suitable for everyday wear

Required by the employer and written in their dress code

Voted on by the employees of the organization and later incorporated into the employee hand book

5 points

Question 5

In most cases, a taxpayer reports rental income and the related expenses on Schedule E.

True

False

5 points

Question 6

The American Opportunity credit

Is 50 percent of the first $1,200 of tuition and fees paid and 100 percent of the next $1,200

Is available for 2 years of post-secondary education

Is fully refundable even if the credit exceeds the tax liability

Is available for qualifying expenses paid on behalf of the taxpayer and his or her spouse, in addition to those paid for dependents

5 points

Question 7

American Opportunity and lifetime learning credits:

Can be added to the amount of any tax-free scholarships received to increase the amount of the credit

Can be taken for room and board as well as tuition

Can be used for tuition and fees

Can only be taken if the taxpayer is married filing a separate return

5 points

Question 8

Ashton paid the following interest expense during the current tax year:

Qualified home mortgage interest $11,000

Credit card interest 1,000

Personal bank loan interest 3,000

What is the amount of Ashton’s interest deduction for the current tax year?

$3,000

$11,000

$12,300

$15,000

5 points

Question 9

In some cases, a taxpayer may deduct an otherwise allowable contribution to an IRA, even though the contribution is made after the close of the tax year.

True

False

5 points

Question 10

Which of the following is not an itemized deduction on Schedule A?

Alimony paid

Casualty losses

Medical expenses

Personal property tax

5 points

Question 11

Mortgage interest on a taxpayer’s personal residence is deductible on Schedule A.

True

False

5 points

Question 12

For the current tax year, Sally, who is divorced, reported the following items of income:

Interest income $ 600

Wages 4,000

Earnings from self-employment 3,000

She maintains a household for herself and her 1-year-old son who qualifies as her dependent. What is the maximum earned income credit available to her for the current year, using the tables?

$1,029

$1,369

$2,389

$3,169

13. Donald and Jamie rent out their residence in Dallas to friends for 10 days while they vacation in Europe. They collect $1,500 of rental income. How is the rental income treated on their tax return? Explain

14.

Wilson and Joan , both in their 30’s, file a joint income tax return for 2013. Wilson’s wages are $25,000 and Joan’s wages are $33,000 for the year. Their total adjusted gross income is $58,000, and Joan is covered by a qualified pension plan at work but Wilson is not.

Our guarantees

Study Acers provides students with tutoring and help them save time, and excel in their courses. Students LOVE us!No matter what kind of essay paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcers. Save more time for yourself. Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Our Homework Writing Disciplines

With a highly diverse team in almost all academic fields including: