CPA-04751A CPA's adjusted gross income (AGI) for the preceding 12-month tax year exceeds USD 150,000. Which of the following methods is (are) available to the CPA to compute the required annual payment of estimated tax for the current year in order to make timely estimated tax payments and avoid the underpayment of estimated tax penalty?I.The annualization method.II.The seasonal method.
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1 .CPA-01564In a tax year where the taxpayer pays qualified education expenses, interest income on the redemption of qualified U.S. Series EE Bonds may be excluded from gross income. The exclusion is subject to a modified gross income limitation and a limit of aggregate bond proceeds in excess of qualified higher-education expenses. Which of the following is (are) true?I.The exclusion applies for education expenses incurred by the taxpayer, the taxpayer's spouse, or any person whom the taxpayer may claim as a dependent for the year.II."Otherwise qualified higher-education expenses" must be reduced by qualified scholarships not includible in gross income.
A Both I and II. B Neither I nor II. C I only. D II only.
2 .CPA-01953In the current year, Joan Frazer's residence was totally destroyed by fire. The property had an adjusted basis and a fair market value of USD 130,000 before the fire. During the year, Frazer received insurance reimbursement of USD 120,000 for the destruction of her home. Frazer's current year adjusted gross income was USD 70,000. Frazer had no casualty gains during the year. What amount of the fire loss was Frazer entitled to claim as an itemized deduction on her current year tax return?
A USD 8,500 B USD 8,600 C USD 10,000 D USD 2,900
3 .CPA-02012Which 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 Credit for prior year minimum tax. C Earned income credit. D Elderly and permanently and totally disabled credit.
4 .CPA-05971Which of the following statements about the child and dependent care credit is correct?
A The child must be under the age of 18 years. B The child must be a direct descendant of the taxpayer. C The credit is nonrefundable. D The maximum credit is USD 600.
5 .CPA-06478Which of the following credits can result in a refund even if the individual had no income tax liability?
A Earned Income Credit. B Adoption Credit. C Credit for the Elderly or Permanently Disabled. D Child and Dependent Care Credit.
7 .CPA-06884Sam's year 2 taxable income was USD 175,000 with a corresponding tax liability of USD 30,000. For year 3, Sam expects taxable income of USD 250,000 and a tax liability of USD 50,000. In order to avoid a penalty for underpayment of estimated tax, what is the minimum amount of year 3 estimated tax payments that Sam can make?
A USD 45,000 B USD 33,000 C USD 50,000 D USD 30,000
8 .CPA-01737Stone's basis in Ace Partnership was USD 70,000 at the time he received a nonliquidating distribution of partnership capital assets. These capital assets had an adjusted basis of USD 65,000 to Ace and a fair market value of USD 83,000. Ace had no unrealized receivables, appreciated inventory, or properties that had been contributed by its partners. What was Stone's recognized gain or loss on the distribution?
A USD 5,000 capital loss. B USD 18,000 ordinary income. C USD 0. D USD 13,000 capital gain.
9 .In which of the following situations may taxpayers file as married filing jointly?
A Taxpayers who were married but lived under a legal separation agreement at the end of the year. B Taxpayers who were divorced during the year. C Taxpayers who were married but lived apart during the year. D Taxpayers who were legally separated but lived together for the entire year.
10 .A taxpayer's spouse dies in August of the current year. Which of the following is the taxpayer's filing status for the current year?
A Single. B Married filing jointly. C Head of household. D Qualified widow(er).
