HS321: Chpt 6

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0 [{"id":399204,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"The first-tier base amount for a married couple filing a joint return is $25,000 for purposes of determining the taxability of their Social Security benefits. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":10,"explanation":"This base amount is $32,000.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399194,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"One essential element of a gift is that the donor be competent to make it. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":0,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399203,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"Modified adjusted gross income, for purposes of determining the taxation of Social Security benefits, is generally defined as adjusted gross income plus tax-exempt interest income and the amount of deductible higher education expenses claimed by the taxpayer in determining AGI. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":9,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399208,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"If damages paid pursuant to a lawsuit represent lost wages, they will generally be excludible from the recipient-taxpayer's gross income. [4]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":14,"explanation":"Damages that are paid for lost wages are not excludible from gross income. Rather, damages paid for physical injuries are excludible under IRC Sec. 104, subject to special rules for punitive damages and damages for emotional distress.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399195,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"A gift of property must be in a form sufficient to vest legal title to the property in the donee. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":1,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399196,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"If a gift of property is excludible from taxation, the income generated by the gift will also be treated as a gift and received tax free by the donee. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":2,"explanation":"Income received from a gift is not subject to exclusion as a gift. If the income is otherwise taxable, it must be included in the donee\u2019s gross income","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399202,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"Any gain realized on the sale of a tax-exempt municipal obligation is also tax exempt. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":8,"explanation":"A tax-exempt municipal obligation means that the interest received may be excluded from gross income. If a gain is made on the sale of the municipal obligation, then the gain realized is currently taxable.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399201,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"Interest on all U.S. Treasury obligations is tax exempt. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":7,"explanation":"Interest earned on United States obligations is generally fully taxable as ordinary income unless the bond qualifies for the exclusion for Series EE bonds used to pay educational expenses.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399207,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"A taxpayer who receives a jury award in a lawsuit for personal injuries of a physical nature can exclude the award from his or her gross income if no portion of the award is for punitive damages. [4]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":13,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399200,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"Income from public purpose municipal bonds is exempt from federal income taxation. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":6,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399197,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"A bequest of a specific sum paid in three or fewer installments is generally not taxable as income. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":3,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399198,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"If the yield for a tax-exempt investment is 7 percent, the equivalent yield for a taxable investment is 10.77 percent if a taxpayer has a marginal income tax rate of 35 percent. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":4,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399199,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"Income received from nongovernmental purpose bonds is subject to the alternative minimum tax. [2","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":5,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399205,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"Amounts received under workers' compensation acts are excludible from gross income. [4]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":11,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":399206,"quiz_id":"20196","answer_id":null,"answerType_id":"0","created_at":"2018-03-05 04:18:44","updated_at":"2018-03-05 04:20:05","questionName":"A taxpayer who personally purchases an individual disability income policy or major medical policy will not have to include the value of any benefits in income. [4]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":12,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null}]
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The first-tier base amount for a married couple filing a joint return is $25,000 for purposes of determining the taxability of their Social Security benefits. [3]

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