09 May HAS ANNE EXCEEDED THE FEDERAL GIFT TAX EXCLUSION?
A Married Filing Separately taxpayer has an AGI of $545 000. His itemized deductions total $35 000 and consist of mortgage interest charitable contributions state taxes and employee business expenses. Which of the following is the most accurate?Select one:a. The taxpayer will not be allowed to deduct any of his itemized deductions.b. The taxpayer will be allowed to deduct $35 000 of his itemized deductions.c. The taxpayer will be allowed to deduct $23 357 of his itemized deductions.d. The taxpayer will only be allowed to deduct $7 000 of his itemized deductions.Anne single has decided to give money as Christmas gifts this year. She gives the following amounts:Christie – her daughter $20 000Evelyn – her daughter $20 000Helen – her friend $10 000Claude – her ex-husband $25 000Has Anne exceeded the federal gift tax exclusion? If yes then by how much?Select one:a. No because she was allowed to give a total of $14 000 × 3 $149 000 which is $191 000 before she exceeded the exclusion.b. Yes she exceeded it by $23 000.c. Yes she exceeded it by $19 000.d. Yes she exceeded it by $12 000Bob is single age 35 with a dependent child living with him. He has AGI of $415 850 for 2017. Included in the AGI he has gambling winnings of $2 000. He has the following expenses for the year: Mortgage Interest$18 000Credit Card Interest$3 500State Income Taxes$21 000Real Estate Taxes$3 800Personal Property Taxes$ 1 550Charitable Contribution$7 000Gambling Losses$ 4 500Medical Expenses (after limitation)$5 000What is the amount of Bob’s itemized deductions for 2017?Select one:a. $54 504b. $58 004c. $57 004d. $58 350Stacey’s federal tax return was rejected after it was electronically filed. Which statement is correct?Select one:a. Rejected Federal electronic return data due to errors may also cause the state electronic return data to reject. b. Rejected Federal electronic return data due to errors will not cause the state electronic return data to reject.c. If the state electronic return data is rejected by the IRS due to error the Federal electronic return data will not reject.d. Once both are accepted by the IRS a subsequent rejection of state electronic return data by a state tax administration agency will affect the accepted Federal electronic return data.Miranda is 18 and lives with her mother Louise. Miranda has a daughter Ashley who is 1 year old. Miranda has an AGI of $9 000 and Louise has an AGI of $32 000. Which statement is true?Select one:a. Louise can claim Miranda as her qualifying child for EIC and Miranda can claim Ashley as her own qualifying child for EIC.b. Louise can only claim Ashley for the purpose of the EIC because Miranda does not meet the age test.c. If Miranda does not claim the exemption and EIC for Ashley her mother Louise can claim Ashley for those purposes.d. Miranda and Louise can both claim Ashley as a qualifying child for EIC.
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