過去問 Individual Taxation ３

For calendar Year 1, Ralph earned $1,000 interest at Ridge Savings Bank on a certificate of deposit scheduled to mature in Year 3. In January Year 2, before filing his Year 1 income tax return, Ralph incurred a forfeiture penalty of $500 for premature withdrawal of the funds. Ralph should treat this $500 forfeiture penalty as a

a.               Reduction of interest earned in Year 1, so that only $500 of such interest is taxable on Ralph’s Year 1 return

b.               Deduction from Year 2 adjusted gross income, deductible only if Ralph itemizes his deductions for Year 2

c.                Penalty not deductible for tax purposes

d.               Deduction from gross income in arriving at Year 2 adjusted gross income

1595

Solution　d

Year 2

Davidson was transferred from Chicago to Atlanta. In connection with the transfer, Davidson incurred the following moving expenses:

Moving the household goods	$2,000
Temporary living expenses in Atlanta	400
Lodging on the way to Atlanta	100
Meals	40

What amount may Davidson deduct if the employer reimbursed Davidson $2,000 (not included in Form W-2) for moving expenses?

a.               $100

b.               $120

c.                $500

d.               $520

89807

Solution　a

人と物の移動費

For purposes of the domestic activities production deduction, receipts for which of the following are included in the taxpayer's domestic production gross receipts?

a.               Engineering services performed in the US in the ordinary course of business with respect to the construction of real property in the US

b.               Film with a minimum of 50% of the related total production compensation paid to US citizens

c.                Sale of food and beverages prepared at a retail establishment

d.               Transmission or distribution of electricity

89889

Solution　　a

Domestic Activities ～の定義がa

Val and Pat White, both age 45, filed a joint return for 2014. Val earned $40,000 in wages and was covered by his employer's qualified pension plan. Pat was unemployed and received $4,000 in alimony payments for the first 4 months of the year before remarrying. The couple had no other income. Each contributed $5,000 to an IRA account. The allowable IRA deduction on their joint 2014 tax return is

a.               $10,000

b.               $9,000

c.                $5,000

d.               $0

4612

Solution　a

２人合わせて100,000ドル以下のAGI→Coverされていても5,500まで取れる。

Davis, a sole proprietor with no employees, has a Keogh profit-sharing plan to which he may contribute 20% of his annual earned income. For this purpose, "earned income" is defined as net self-employment earnings reduced by the

a.               Deductible Keogh contribution

b.               Self-employment tax

c.                Self-employment tax and portion of the deductible Keogh contribution

d.               Deductible Keogh contribution and a portion of the self-employment tax

4457

Solution　d

Portion = 1/2

In the current year, Drake, a disabled taxpayer, made the following home improvements:

	Cost
Pool installation, which qualified as a medical expense	$100,000
And increased the value of the home by $25,000
Widening doorways to accommodate Drake's wheelchair	10,000
The improvement did not increase the value of his home

For regular income tax purposes and without regard to the adjusted gross income percentage threshold limitation, what maximum amount would be allowable as a medical expense deduction in the current year?

a.               $110,000

b.               $ 85,000

c.                $ 75,000

d.               $ 10,000

7848

Solution　b

100,000-25,000+10,000

Carroll is 35 years old and an unmarried taxpayer with an adjusted gross income of $100,000. Carroll incurred and paid the following unreimbursed medical expense:

Doctor bills resulting from a serious fall	$5,000
Cosmetic surgery that was necessary to correct a congenital deformity	15,000

Carroll had no medical insurance. For regular income tax purposes, what was Carroll's maximum allowable medical expense deduction, after the applicable threshold limitation?

a.               $0

b.               $10,000

c.                $12,500

d.               $20,000

7006

Solution　b

Congenital Deformity→病名

25,000+15,000-（100,000ｘ10％）

Jackson owns two residences, The second residence, which has never been used for rental purposes is the only residence that is subject to a mortgage. The following expenses were incurred for the second residence:

Mortgage interest	$5,000
Utilities	1,200
Insurance	6,000

For regular income tax purposes, what is the maximum amount allowable as a deduction for Jackson's second residence?

a.               $6,200 in determining adjusted gross income

b.               $11,000 in determining adjusted gross income

c.                $5,000 as an itemized deduction

d.               $12,200 as an itemized deduction

6639

Solution　c

２軒目は貸し出してないからMortgage Interestのみ→Itemized Deductions

Wilson, CPA, uses a commercial tax software package to prepare clients' individual tax returns Upon reviewing a client's computer-generated year 1 itemized deductions, Wilson discovers that the schedule's deductible investment interest expense is less than the amount paid by the taxpayer and the amount that Wilson entered into the computer. After analyzing the entire tax return, Wilson determines that the computer -generated investment interest expense deduction is correct?

I. The client's investment interest expense exceeds net investment income.
II. The client's qualified residence interest expense reduces the deductible amount of investment interest expense.

a.               I only

b.               II only

c.                Both I and II

d.               Neither I nor II

8426

Solution　a

Qualified Residence Interest Expenseの話ではないから、Ⅱは✖。

ⅠInvestment Interest ExpenseはTaxable Investment Incomeの金額までしか取れない。

On January 2, Year 1, the Philips paid $50,000 cash and obtained a $200,000 mortgage to purchases a home. In Year 3, they borrowed $15,000 secured by their home, and used the cash to add a new room to their residence. That same year they took out a $5,000 auto loan. The following information pertains to interest paid in Year 7:

Mortgage interest	$17,000
Interest on room construction loan	1,500
Auto loan interest	500

For Year 7, how much interest is deductible, prior to any itemized deduction limitations?

a.               $17,000

b.               $17,500

c.                $18,500

d.               $19,000

4616

Solution　c

Mortgage→元本1,000,000までOK

Home equity indebtness→元本100,000までOK

Wood's residence had an adjusted basis of $150,000 when it was destroyed by a tornado. An appraiser valued the decline in market value at $175,000. The tornado was not federally declared disaster. Wood received $130,000 from his insurance company for the property loss and did not elect to deduct the casualty loss in an earlier year. Wood's adjusted gross income was $60,000 and he did not have any casualty gains. What total amount can Wood deduct as an itemized deduction for the casualty loss, after the application of the threshold limitations?

a.               $39,000

b.               $38,900

c.                $19,900

d.               $13,900

6531

Solution　d

簿価とFMVの低い方－保険金－AGIｘ10％－100（1 Transactionにつき）

Moore, a single taxpayer, had $50,000 in adjusted gross income for the current year. During the current year, she contributed $18,000 to her church. She had a $10,000 charitable contribution carryover from her prior year church contribution. What was the maximum amount of properly substantiated charitable contributions that Moore could claim as an itemized deduction for the current year?

a.               $10,000

b.               $18,000

c.                $25,000

d.               $28,000

5425

Solution　c

50,000ｘ50％

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