HS321: Chpt 5

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0 [{"id":378238,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"The value of rent-free occupancy of a home by the former spouse and children of the taxpayer is deductible by the taxpayer as alimony and taxable to the former spouse as income. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":4,"explanation":"Although a divorce decree sometimes allows the custodial spouse and children rent-free occupancy of the family home, the value of a similar rental is not treated as alimony.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378241,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"An annuity provides for a systematic liquidation of a sum of money, including both principal and interest, over a period of time. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":7,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378244,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"A refund feature in an annuity allows the annuitant to receive back his or her full investment in the contract before any portion of the annuity payments is taxed. [2] 7","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":10,"explanation":"A refund feature provides that, if the annuitant dies before receiving a stated number of payments or a specified amount of payments, remaining payments will be made to a specified beneficiary.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378247,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"In general, an employer's contributions for employee group term insurance coverage are not deductible by the employer. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":13,"explanation":"Employer contributions for employee group term coverage are generally deductible by the employer.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378235,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"Payments of alimony may be made in either property or cash. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":1,"explanation":"Alimony payments must be made in cash.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378245,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"The actuarial value of a refund feature in a life annuity must be subtracted from the taxpayer's investment in the contract before the exclusion ratio can be computed. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":11,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378240,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"When a former husband names his wife revocable beneficiary of a life insurance policy on his life but retains ownership of the policy and pays the premiums, the value of the premiums is tax deductible by him and includible in the wife's income as additional alimony. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":6,"explanation":"When a former husband retains a life insurance policy and merely names his wife revocable beneficiary, he has retained all economic rights and benefits of the policy. Therefore, although he pays the premiums, the premium payments are neither deductible by","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378246,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"For a taxpayer who owns a deferred annuity, all amounts withdrawn before the starting date are received tax free. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":12,"explanation":"A withdrawal of investment amounts from deferred-annuity contracts prior to the annuity starting date will generally cause immediate income taxation to the extent the cash surrender value exceeds the investment in the contract. (Different rules apply to a","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378248,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"When group term life insurance is provided as part of an employer plan of group insurance, the cost of coverage up to $75,000 is not taxable to an insured employee. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":14,"explanation":"An insured employee may exclude the value of premiums representing the first $50,000 of coverage if certain nondiscrimination rules are met.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378237,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"Excess alimony payments attributable to the first year of a divorce will be included in the payer's taxable income for the third post-separation year. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":3,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378242,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"The exclusion ratio for either an annuity or \"partial annuity\" is calculated by dividing the investment in the contract by the expected return under the contract. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":8,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378239,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"When a former husband is obligated to pay child support for a minor child, he may deduct those amounts as alimony. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":5,"explanation":"Child support does not constitute alimony for tax purposes and is not deductible to the payer-spouse.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378243,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"The amount of each annuity payment is multiplied by the applicable exclusion ratio to determine the portion of the payment that is not taxable. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":9,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378234,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"If alimony payments are deductible by one spouse under the alimony rules, the corresponding amount of income must be reported by the other spouse. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":0,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":378236,"quiz_id":"19348","answer_id":null,"answerType_id":"0","created_at":"2018-02-13 06:13:24","updated_at":"2018-03-10 03:53:43","questionName":"Payments constituting alimony made by a husband to a former spouse for her support are deductible by the husband and taxable to the wife. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":2,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null}]
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The value of rent-free occupancy of a home by the former spouse and children of the taxpayer is deductible by the taxpayer as alimony and taxable to the former spouse as income. [1]

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378239
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