過去問 Individual Taxation ４

How may taxes paid by an individual to a foreign country be treated?

a.               As an itemized deduction subject to the 2% floor

b.               As a credit against federal income taxes due

c.               As an adjustment to gross income

d.               As nondeductible

8439

Solution　b

Foreign Tax → 2 choices

b or Deductible as Itemized deduction

NOT subject to 2% floor

Carter incurred the following expenses in the current year: $500 for the preparation of a personal income tax return, $100 for custodial fees on an IRA, $150 for professional publications and $2,000 for union dues. Carter's current year adjusted gross income is $75,000. Carter, who is not self-employed, itemizes deductions. What will Carter's deduction be for miscellaneous itemized deductions after any limitations in the current year?

a.               $0

b.               $ 750

c.               $1,250

d.               $2,750

9953

Solution c

500 + 100 + 150 + 2,000 – 7,500 x 2%

Which of the following is a miscellaneous itemized deduction subject to the 2% of adjusted gross income floor?

a.               Gambling losses up to the amount of gambling winnings

b.               Medical expenses

c.               Real estate tax

d.               Employee business expenses

8669

Solution d

a　Misc.だけど2% の対象じゃない

ｂ　10%

c Not Misc. Itemized Deduction

Chris, age five, has $3,000 of interest income and no earned income this year. Assume the current applicable standard deduction is $1,000. How much of Chris's income will be taxed at Chris's parents' maximum tax rate?

a.               $0

b.               $1,000

c.               $2,000

d.               $3,000

8690

Solution b

3,000 – 1,000（一律）- 1,000 (Standard deduction) or Itemized deduction

Alternative minimum tax preferences include

	Tax exempt interest from private activitiy bonds issued during 1994	Charitable contributions of appreciated capital gain property
a.	Yes	Yes
b.	Yes	No
c.	No	Yes
d.	No	No

5436

Solution b

個人のAMTのPreferenceはTax exempt interest from Private activity bonds issued during 1984

Robert had current-year adjusted gross income of $100,000 and potential itemized deductions as follows:

Medical expenses (before percentage limitations)	$12,000
State income taxes	4,000
Real estate taxes	3,500
Qualified housing and residence mortgage interest	10,000
Home equity mortgage interest (used to consolidate personal debts)	4,500
Charitable contributions (cash)	5,000

What are Robert's itemized deductions for alternative minimum tax?

a.               $17,000

b.               $19,500

c.               $21,500

d.               $25,500

8447

Solution　a

AMTは普通足し戻すが、聞かれてるのはDeductionとして認められるもの。

Medical (12,000 – 100,00 x 10%) とQualified HousingのMortgage Interest と Charity はOK。

（Home Equityは✖）

To qualify for the child care credit on a joint return, at least one spouse must

	Have an adjusted gross Income of $15,000 or less	Be gainfully employed when related expenses are incurred
a.	Yes	Yes
b.	No	No
c.	Yes	No
d.	No	Yes

3345

Solution　b

Incomeの金額は関係ない。

転職中（Looking for a job）でもOK。

Which of the following statements about the child and dependent care credit is correct?

a.               The credit is nonrefundable.

b.               The child must be under the age of 18 years.

c.               The child must be a direct descendant of the taxpayer.

d.               The maximum credit is $600.

8692

Solution　a

b　AgeのLimitationはない。

c　Direct Descendentでなくてもいい。

d　The maximum creditは2,000くらい。

Sunex Co., and accrual basis, calendar-year domestic C corporation is taxed on its worldwide income. In the current year, Sunex's US tax liability on its domestic and foreign source income is $60,000 and no prior-year foreign income taxes have been carried forward. Which factor(s) may affect the amount of Sunex's foreign tax credit available in its current-year corporate income tax return?

	Income source	The foreign tax rate
a.	Yes	Yes
b.	Yes	No
c.	No	Yes
d.	No	No

6800

Solution　a

Foreign Tax Creditを使うのであれば、どちらもFactorとして考慮する必要あり。

Which of the following credits is a combination of several tax credits to provide uniform rules for the current and carryover years?

a.               General business credit

b.               Foreign tax credit

c.                Minimum tax credit

d.               Enhanced oil recovery credit

5025

Solution　a

Tax credit のCombinationで有名なのは、General business credit。

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