Question 1. In March 2014, Gray Corporation hired two individuals, both of

1. In March 2014, Gray Corporation hired two individuals, both of whom were certified as long-term recipients of family assistance benefits. Each employee was paid $11,000 during 2014. Only one of the individuals continued to work for Gray Corporation in 2015, earning $9,000 during the year. No additional workers were hired in 2015. Gray Corporation’s work opportunity tax credit amounts for 2014 and 2015 are:

a. $4,000 in 2014, $4,000 in 2015.

b. $8,000 in 2014, $4,500 in 2015.

c. $8,000 in 2014, $5,000 in 2015.

d. $8,000 in 2014, $9,000 in 2015.

e. None of the above.

2. During the year, Green, Inc., incurs the following research expenditures:

In-house wages, supplies, computer time $60,000

Paid to Blue Foundation for research 30,000

Green’s qualifying research expenditures for the year are:

a. $60,000.

b. $75,000.

c. $79,500.

d. $90,000.

e. None of the above.

3. Which, if any, of the following correctlydescribes the research activities credit?

a. The research activities credit is the greater of the incremental research credit, the basic research credit, or the energy research credit.

b. If the research activities credit is claimed, no deduction is allowed for research and experimentation expenditures.

c. The credit is notavailable for research conducted outside the United States.

d. All corporations qualify for the basic research credit.

e. None of the above.

4. Green Company, in the renovation of its building, incurs $9,000 of expenditures that qualify for the disabled access credit. The disabled access credit is:

a. $8,750.

b. $4,500.

c. $4,375.

d. $4,250.

e. None of the above.

5. Amber is in the process this year of renovating the office building (originally placed in service in 1976) used by her business. Because of current Federal Regulations that require the structure to be accessible to handicapped individuals, she incurs an additional $11,000 for various features, such as ramps and widened doorways, to make her office building more accessible. The $11,000 incurred will produce a disabled access credit of what amount?

a. $0.

b. $5,000.

c. $5,125.

d. $5,500.

e. None of the above.

6. Which, if any, of the following correctlydescribes the earned income credit?

a. Would be available regardless of the amount of the taxpayer’s adjusted gross income.

b. Not available to a surviving spouse.

c. A taxpayer must have a qualifying child to take advantage of the credit.

d. Is a refundable credit.

e. None of the above.

7. Rex and Dena are married and have two children, Michelle (age 7) and Nancy (age 5). During 2014, Rex earned a salary of $24,500, received interest income of $300, and filed a joint income tax return with Dena. Dena had $0 gross income. Their earned income credit for the year is:

a. $0.

b. $324.

c. $5,136.

d. $5,460.

e. None of the above.

8. Cheryl is single, has one child (age 6), and files as head of household during 2014. Her salary for the year is $19,500. She qualifies for an earned income credit of the following amount:

a. $0.

b. $267.

c. $3,038.

d. $3,305.

e. None of the above.

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