過去問 Individual Taxation ８

Which of the following should be included when determining adjusted gross income?

a.               Alimony received

b.               Compensation for injuries or sickness

c.                Rental value of parsonages

d.               Tuition scholarship

9433

Solution　a

cは宗教関係者が無償で借りている。

b、c、dは入れなくていい。

Mike and Julia Crane are married and both age 35 in 2014. Mike earned a salary of $150,000 from his job at Troy Corp., where Mike is covered by his employer's pension plan. In addition, Mike and Julia earned interest of $3,000 on their joint savings accounts. Julia is not employed, and the couple had no other income. On January 15, 2015, Mike contributed $5,500 to a traditional IRA for himself, and $5,500 to an IRA for Julia. The allowable IRA deduction in the Cranes' 2014 joint return is

a.               $ 0

b.               $ 3,000

c.                $ 5,500

d.               $11,000

1580

Solution　c

ダンナは結構稼いでいる＆会社のPension PlanでCoverされているから取れない。

Cassidy, an individual, reported the following items of income and expense during the current year:

Salary	$50,000
Alimony paid to a former spouse	10,000
Inheritance from a grandparent	25,000
Proceeds of a lawsuit for physical injuries	50,000

What is the amount of Cassidy's adjusted gross income?

a.               $ 40,000

b.               $ 50,000

c.                $115,000

d.               $125,000

8430

Solution　a

50,000も非課税

The Browns borrowed $20,000, secured by their home, to pay their son's college tuition. At the time of the loan, the fair market value of their home was $400,000, and it was unencumbered by other debt. The interest on the loan qualifies as

a.               Deductible personal interest

b.               Deductible qualified residence interest

c.                Nondeductible interest

d.               Investment interest expense

4615

Solution　b

Home equityは元本100,000まで取れる。

Dole's adjusted gross income exceeds $500,000. After the application of any other limitation, itemized deductions are reduced by

a.               The lesser of 3% of the excess of adjusted gross income over the applicable amount or 80% of certain itemized deductions

b.               The lesser of 3% of the excess of adjusted gross income over the applicable amount or 80% of all itemized deductions

c.                The greater of 3% of the excess of adjusted gross income over the applicable amount or 80% of certain itemized deductions

d.               The greater of 3% of the excess of adjusted gross income over the applicable amount or 80% of all itemized deductions

4617

Solution　a

Gimmick以外の80％。

Smith paid the following unreimbursed medical expense:

Dentist and eye doctor fees	$5,000
Contact lenses	500
Facial cosmetic surgery to improve Smith's personal appearance (surgery is unrelated to personal injury or congenital deformity)	10,000
Premium on disability insurance policy to pay him if he is injured and unable to work	2,000

What is the total amount of Smith's tax-deductible medical expenses before the adjusted gross income limitation?

a.               $17,500

b.               $15,500

c.                $ 7,500

d.               $ 5,500

7875

Solution　d

2,000は給与の補償だから。

An individual taxpayer earned $10,000 in investment income, $8,000 in noninterest investment expenses, and $5,000 in investment interest expense. How much is the taxpayer allowed to deduct on the current-year's tax return for investment interest expenses?

a.               $0

b.               $2,000

c.                $3,000

d.               $5,000

89822

Solution　b

Net investment incomeは10,000-8,000＝2,000　⇐ここまでしか取れない。

The Rites are married, file a joint income tax return, and qualify to itemize their deductions in the current year. Their adjusted gross income for the year was $55,000, and during the year they paid the following taxes:

Real estate tax on personal residence $ 2,000
Ad valorem tax on personal automobile 500
Current-year state and city income taxes withheld from paycheck 1,000

What total amount of the expense should the Rites claim as an itemized deduction on their current-year joint income tax return?

a.               $1,000

b.               $2,500

c.                $3,000

d.               $3,500

8172

Solution　d

Ad valorem taxはPersonal property taxの一種　⇒　取れる。

Stein, an unmarried taxpayer, had adjusted gross income of $80,000 for the year, and qualified to itemize deductions. Stein had no charitable contribution carryovers and only made one contribution during the year. Stein donated stock, purchased seven years earlier for $17,000, to a tax-exempt educational organization. The stock was valued at $25,000 when it was contributed. What is the amount of charitable contributions deductible on Stein's current year income tax return?

a.               $17,000

b.               $21,000

c.                $24,000

d.               $25,000

6797

Solution　c

PropertyだからUp to 30% of your AGI　80,000ｘ30％

Smith, a single individual, made the following charitable contributions during the current year. Smith's adjusted gross income is $60,000.

Donation to Smith's church	$5,000
Art work donated to the local art museum. Smith purchased it for $2,000 four months ago. A local art dealer appraised it for	3,000
Contribution-to a needy family	1,000

What amount should Smith deduct as a charitable contribution?

a.               $5,000

b.               $7,000

c.                $8,000

d.               $9,000

7082

Solution　b

Short-term（１年未満） のCapital Gainが出るPropertyは、Lessor Donor’s Basis or FMV of Property。2,000 < 3,000

Long-termのCapital GainであればFMVが30％の枠を超えるかどうかだけ見ればいい。

Contribution-to a needy familyはCharityではない。

Which of the following may not be deducted in the computation of alternative minimum taxable income of an individual?

a.               Traditional IRA account contribution

b.               One-half of the self-employment tax deduction

c.                Personal exemptions

d.               Charitable contributions

90228

Solution　c

AMTの計算にa、b、dはAdjustmentにもPreferenceにも入ってこない。

cは足し算。Deductしないので、答えはｃ。

Which of the following is not a miscellaneous itemized deduction?

a.               An individual’s tax return preparation fee

b.               Education expense to meet minimum entry level education requirements at an individual’s place of employment

c.                Custodial fees for a brokerage account

d.               An individual’s subscription to professional journals

4614

Solution　b

bはNot subject to itemized deductions。Meet minimum entry levelはダメ。

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