過去問 Individual Taxation ５

Which of the following credits can result in a refund even if the individual had no income tax liability?

a.               Credit for prior year minimum tax

b.               Elderly and permanently and totally disabled credit

c.                Earned income credit

d.               Child and dependent care credit

4622

Solution　c

Refundを受けられる唯一のCreditは、Poorな人に対してくれるEarned Income Credit

Baker, a sole proprietor CPA, has several clients that do business in Spain. While on a four-week vacation in Spain, Baker took a five-day seminar on Spanish business practices that cost $700. Baker's round-trip airfare to Spain was $600. While in Spain, Baker spent an average of $100 per day on accommodations, local travel, and other incidental expenses, for total expenses of $2,800. What amount of educational expense can Baker deduct on Form 1040 Schedule C, Profit or Loss From Business?

a.               $ 700

b.               $1,200

c.                $1,800

d.               $4,100

6795

Solution　b

700 + 100 x 5days

Which payment(s) is (are) included in a recipient's gross income?

I. Payment to a graduate assistant for a part-time teaching assignment at a university.teaching is not a requirement toward obtaining the degree
II. A grant to a Ph.D. candidate for his participation in a university-sponsored research project for the benefit of the university

a.               I only

b.               II only

c.                Both I and II

d.               Neither I nor II

5419

Solution c

Ⅰはバイト。

ⅡはDegreeを得るためではない。

In the current year Jensen had the following items:

Salary	$ 50,000
Inheritance	25,000
Alimony from ex-spouse	12,000
Child support from ex-spouse	9,000
Capital loss on investment stock sale	(6,000)

What is Jensen's AGI for the current year?

a.               $44,000

b.               $59,000

c.                $62,000

d.               $84,000

8448

Solution　b

50,000 + 12,000 – (6,000 – 3,000)

Capital Loss は、個人は3,000まで。

Child Supportは非課税。

Charles and Marcia are married cash basis taxpayers. They had interest income as follows:

・$500 interest on federal income tax refund
・$600 interest on state income tax refund
・$800 interest on federal government obligations
・$1,000 interest on state government obligations

What amount of interest income is taxable on Charles and Marcia's joint income tax return?

a.               $ 500

b.               $1,100

c.                $1,900

d.               $2,900

4451

Solution　c

1,000は非課税４つのうちの１つ。

Municipal、State、Series EE、Veteran

Rich is a cash basis self-employed air-conditioning repairman with gross business receipts of $20,000. Rich's cash disbursements were as follows:

Air conditioning parts	$2,500
Yellow Pages Listing	2,000
Estimated federal income taxes on self-employment income	1,000
Business long-distance telephone calls	400
Charitable contributions	200

What amount should Rich report as net self-employment income?

a.               $15,100

b.               $15,900

c.                $14,100

d.               $13,900

4610

Solution　a

1,000は引けない。

200はここでは引かない。

Randolph is a single individual who always claims the standard deduction. Randolph received the following in the current year:

Wages	$22,000
Unemployment compensation	6,000
Pension distribution (100% taxable)	4,000
A state tax refund from the previous year	425

What is Randolph's gross income?

a.               $22,000

b.               $28,425

c.                $32,000

d.               $32,425

90204

Solution　c

425は昨年Itemized Deductionsで取っていれば含めるが、Standard Deductionなので。

Smith has an adjusted gross income (AGI) of $120,000 without taking into consideration $40,000 of losses from rental real estate activities. Smith actively participates in the rental real estate activities. What amount of the rental losses may Smith deduct in determining taxable income?

a.               $0

b.               $15,000

c.                $20,000

d.               $40,000

90230

Solution　b

Actively Participateの場合、25,000までLossが取れるが、AGIが100,000を超えているので (120,000 – 100,000) x 50% = 10,000

⇒　Dollar for dollar 25,000 – 10,000

Actively Participateでなければ取れない。

A review of Bearing's year 2 records disclosed the following tax information:

Wages	$18,000
Taxable interest and qualifying dividends	4,000
Schedule C trucking business net income	32,000)
Rental(loss)form residential property	(35,000)
Limited partnership (loss)	(5,000)

Bearing actively participated in the rental property and was a limited partner in the partnership. Bearing had sufficient amounts at risk for the rental property and the partnership. What is Bearing's year 2 adjusted gross income?

a.               $14,000

b.               $19,000

c.                $29,000

d.               $54,000

90234

Solution c

18,000 + 4,000 + 32,000 – 25,000 ⇐ Active, Not rich

Limited partnershipは取れない。

Barkley owns a vacation cabin that was rented to unrelated parties for 10 days during the year for $2,500. The cabin was used personally by Barkley for three months and left vacant for the rest of the year. Expenses for the cabin were as follows.

Real estate taxes	$1,000
Maintenance and utilities	2,000

How much rental income (loss) is included in Barkley's adjusted gross income?

a.               $ 0

b.               $500

c.                $ (500)

d.               $ (1,500)

8202

Solution a

Vacation home は２週間以内であれば非課税。

海外格安航空券を探すなら　スカイチケット！