Fundamentals of Taxation 2017 Edition 10th Edition Cruz Test Bank

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Chapter04 Adjustments for Adjusted Gross Income

·         Tuition,fees,books,supplies,room,board,andothernecessaryexpensesofattendancearequalifiededucationexpensesforpurposesofthestudentloaninterestdeduction.

A)    True

1.     False

·         For2016,theamountofthestudentloaninterestdeductionislimitedto$3,500.

1.     True

2.     False

·         ThestudentloaninterestdeductionmaybelimitedbasedonthemodifiedAGIofthe

1.     True

2.     False

·         Fortheinterestonastudentloantoqualifyforthestudentloaninterestdeduction,thestudentmustbeenrolledfull-time.

A)    True

1.     False

·         AHealthSavingsAccount(HSA)isatax-exemptsavingsaccounttobe

A)    True

1.     False

·         TobeeligibletofundaHealthSavingsAccount(HSA),ataxpayermustbeself-employed,oranemployee(orspouse)ofanemployerwhomaintainsahighdeductiblehealthplan,oranemployeeofacompanythatoffersnohealthcoverageandtheemployeehaspurchasedahighdeductiblehealthplanonhis

A)    True

1.     False

·         DistributionsfromHealthSavingsAccounts(HSAs)aresubjecttotax,iftheyareusedtopayforqualifiedmedicalexpenses.

A)    True

1.     False

·         For2016,unreimbursedqualifyingmovingexpensesareanitemizeddeduction.

1.     True

2.     False

·         Deductiblemovingexpensesmayincludemovinghouseholdgoodsandpersonaleffectsfromtheoldresidenceto

A)    True

1.     False

·         Thereisanemploymenttest,adistancetest,andatimetestthatmustbemetinordertodeductqualifyingmovingexpenses.

A)    True

1.     False

·         Forthemovingexpensedistancetest,thenewjoblocationmustbeatleast100milesfartherfromthetaxpayer’soldresidencethanwastheoldjoblocation.

A)    True

1.     False

·         Self-employmenttaxiscalculatedonthegrossearningsofthe

1.     True

2.     False

·         Self-employedpersonsareallowedaforAGIdeductionequaltoone-halfoftheself-employmenttax

A)    True

1.     False

·         Qualifiedself-employedtaxpayerscandeduct,asaforAGIdeduction,80%ofhealthinsurancepayments

A)    True

1.     False

·         Theself-employedhealthinsurancedeductionisalsoavailabletoapartnerinapartnershipandtoashareholderinaSubchapterScorporationwhoownsmorethan2%ofthestockinthe

A)    True

1.     False

·         Ifataxpayerincursanearlywithdrawalofsavingspenalty,thetaxpayerisentitledtoreportthepenaltyasafor

A)    True

1.     False

·         ThepaymentofThesetaxramificationsonlyaffectthepayorofthealimony.

A)    True

1.     False

·         Underadivorceagreementexecutedin2016,periodicpaymentsofeithercashorpropertymustbemadeatregularintervalstobedeductibleasalimony.

A)    True

1.     False

·         Inlieuofmakingcashpaymentsofalimonydirectlytoaformerspouse,paymentstoathirdpartyonbehalfoftheformerspousecanqualifyasalimony.

A)    True

1.     False

·         RobertofileshistaxreturnasHehasnotlivedwithhiswifeforoverthreeyears.Inthecurrentyear,byorderofthecourt,hepaidher$500permonthfor12monthsasseparatemaintenance.Hewillbeabletodeduct$6,000asalimonyfortheyear.

A)    True

1.     False

·         Eligibleeducatorscandeductupto$250ofqualifiededucationalexpensesasanabove-the-linededuction.

A)    True

1.     False

·         Aneligibleeducatorfortheeducatorexpensedeductionmustworkatleast600hoursduringthe

A)    True

1.     False

·         Expensesforhomeschoolingorfornon-athleticsuppliesforhealthorphysicaleducationcoursesqualifyfortheeducationexpensededuction.

A)    True

1.     False

·         For2016,taxpayerscantakeanabove-the-linedeductionforqualifiedtuitionandrelatedexpensespaidduringtheyearforthetaxpayer,taxpayer’sspouse,oradependent.

A)    True

1.     False

·         Bookspurchasedforcoursesatthecampusbookstore,independentoftuitioncharges,areeligibleexpensesforthetuitionandfeesdeduction.

A)    True

1.     False

·         For2016,themaximumamountofdeductiblestudentloaninterestis$2,500.

1.     True

2.     False

·         Qualifyingmovingexpensesaretreatedasanitemizeddeductionfor

1.     True

2.     False

·         Thedeductionforself-employmenttaxesin2016isdeductibleasanabove-the-linedeductionatarateof7.65%basedontheemployer’sportionofthetaxes.

A)    True

1.     False