21 May WHICH SITUATION WOULD NOT RESULT IN THE IRS “IMPUTING” INTEREST INCOME?
The American Taxpayer Relief Act of 2012 created a top rate of 20% for long term capital gains and dividends for taxpayers in the:
28% tax bracket and above
33% tax bracket and above.
35% tax bracket and above.
39.6% tax bracket only.
Which situation would not result in the IRS “imputing” interest income?
A compensation-related loan to an employee for $8,000.
A gift loan of $25,000 to a child who uses the money to invest in a certificate of deposit.
A compensation-related loan to an employee for $12,000.
There are no exceptions to the imputing interest income rule.
Interest on education savings bonds issued after 1989 are tax-free under §135 provided certain conditions are met. What would cause the interest to be fully taxable?
The purchaser is at least age 24 at the time of the purchase.
The entire interest and principal is used to pay qualified higher education expenses of the taxpayer, spouse, or dependents.
The purchaser’s modified AGI in the year of redemption is beneath the §135 phase-out range.
The bond was purchased when the child was born in the child’s name.
What is an allowable method of identifying cost basis of shares for mutual fund distributions for 2014?
Double-category averaging method.
Mass share identification.
First-in, first-out (FIFO) method.
None of the above.
Which dividend qualifies for the favorable lower tax rates?
A dividend on stock in a foreign corporation that is readily tradable on an established securities market within the U.S.
A dividend from a corporation that is tax-exempt under IRC Sec. 521 (farmers’ cooperatives).
A dividend allowed as a deduction under IRC Sec. 591, relating to dividends paid by mutual savings banks.
A dividend from a corporation that is tax-exempt under IRC Sec. 501 (charitable, religious, scientific, etc., organizations).
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