A calendar-year taxpayer files an individual tax return for Year 2 on March 20, Year 3. The taxpayer neither committed fraud nor omitted amounts in excess of 25% of gross income on the tax return. What is the latest date that the Internal Revenue Service can assess tax and assert a notice of deficiency?
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1 .Poole, 45 years old and unmarried, is in the 15% tax bracket. He had adjusted gross income of $20,000. The following information applies to Poole:Medicalexpenses$7,000Standarddeduction4,700Personalexemption3,000Poole wishes to minimize his income tax. What is Poole's total income tax?
A $1,650 B $3,000 C $1,800 D $1,350
2 .Which of the following is not a deduction to arrive at adjusted gross income?
A Alimony payments. B Capital losses in excess of capital gains. C Unreimbursed employee business expenses. D Trade or business expenses.
3 .Grey, a calendar-year taxpayer, was employed and resided in New York. On February 2, of the current year, Grey was permanently transferred to Florida by his employer. Grey worked full-time for the entire year. In the current year, Grey incurred and paid the following unreimbursed expenses in relocating:Lodgingand travel expenses while moving$1,000Pre-movehouse hunting costs1,200Costsof moving household furnishings and personal effects1,800What amount was deductible as moving expense on Grey's current year tax return?
A $4,000 B $1,800 C $2,800 D $1,000
4 .Which of the following credits can result in a refund even if the individual had no income tax liability?
A Child and dependent care credit. B Elderly and permanently and totally disabled credit. C Earned income credit. D Credit for prior year minimum tax.
5 .The alternative minimum tax (AMT) is computed as the:
A Excess of the tentative AMT over the regular tax B Excess of the regular tax over the tentative AMT C The tentative AMT plus the regular tax D Lesser of the tentative AMT or the regular tax
7 .A C corporation's net capital losses are:
A Carried forward indefinitely until fully utilized. B Carried back 3 years and forward 5 years. C Deductible in full from the corporation's ordinary income. D Deductible from the corporation's ordinary income only to the extent of $3,000.
8 .At the beginning of the year, Westwind, a C corporation, had a deficit of $45,000 in accumulated earnings and profits. For the current year, Westwind reported earnings and profits of $15,000. Westwind distributed $12,000 during the year. What was the amount of Westwind's accumulated earnings and profits at year-end?
A $45,000 B $42,000 C $57,000 D $30,000
9 .On January 1, Year 1, Kee Corp., a C corporation, had a $50,000 deficit in earnings and profits. For Year 1, Kee had current earnings and profits of $10,000 and made a $30,000 cash distribution to its stockholders. What amount of the distribution is taxable as dividend income to Kee's stockholders?
A $30,000 B $0 C $10,000 D $20,000
10 .According to the FASB and IASB conceptual frameworks, the primary users of financial reports include all of the following, except:
A Lenders B Regulators C Creditors D Investors
