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© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Comprehensive Volume 1 Chapter 3 Computing the Tax

C3-2 Responder Question TRUE/FALSE As used in the income tax formula, gross income would not include the receipt of a loan the taxpayer obtained from a bank.

C3-3 Responder Question TRUE/FALSE As used in the income tax formula, gross income would not include the receipt of a loan the taxpayer obtained from a bank. ANS: T Borrowing money does not result in gross income.

C3-4 Responder Question For the 2012 tax year, Grandpa is single, blind, and age 65. He paid $750 in real estate property taxes and has no other deductions. What is his Standard Deduction?

C3-5 Responder Question For the 2012 tax year, Grandpa is single, blind, and age 65. He paid $750 in real estate property taxes and has no other deductions. What is his Standard Deduction? SD = $5,950 (BSD) + $1,450 (ASD) + $1,450 (ASD) = $8,850

C3-6 Responder Question TRUE/FALSE Darren, age 20 and not disabled, earns $4,500 during Darren’s parents cannot claim him as a dependent unless he is a full-time student.

C3-7 Responder Question TRUE/FALSE Darren, age 20 and not disabled, earns $4,500 during Darren’s parents cannot claim him as a dependent unless he is a full-time student. ANS: T Being age 20, Darren cannot be a qualifying child unless he is a full-time student. As a qualifying child, he is exempt from the gross income test.

C3-8 Responder Question For the 2012 tax year, Homer & Marge are married filing jointly with 3 dependents. Their AGI is $350,000. In whole dollars, what is the amount of their exemption?

C3-9 Responder Question For the 2012 tax year, Homer & Marge are married filing jointly with 3 dependents. Their AGI is $350,000. In whole dollars, what is the amount of their exemption? $19,000 = $3,800 x 5

C3-10 Responder Question TRUE/FALSE Surviving spouse filing status begins in the year in which the deceased spouse died.

C3-11 Responder Question TRUE/FALSE Surviving spouse filing status begins in the year in which the deceased spouse died. ANS: F Surviving spouse filing status begins in the year following the year of death. The surviving taxpayer files MFJ or MFS in the year in which the deceased spouse died.

C3-12 Responder Question TRUE/FALSE Warren sold his personal use automobile for a loss of $9,000. He also sold a personal coin collection for a gain of $10,000. As a result of these sales, $1,000 is subject to income tax.

C3-13 Responder Question TRUE/FALSE Warren sold his personal use automobile for a loss of $9,000. He also sold a personal coin collection for a gain of $10,000. As a result of these sales, $1,000 is subject to income tax. ANS: F Warren must recognize a capital gain of $10,000 on the sale of the coin collection. The $9,000 loss on the sale of the personal use automobile is nondeductible.

© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14 If you have any comments or suggestions concerning this PowerPoint Presentation for South-Western Federal Taxation, please contact: Dr. Donald R. Trippeer, CPA SUNY Oneonta