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During 2011, Doris paid the following interest charges:Home mortgage$6,000On loan to purchase a new car$1,500On student loan$800I

During 2011, Doris paid the following interest charges:Home mortgage$6,000On loan to purchase a new car$1,500On student loan$800If Doris itemizes her deductions for 2011, then the amount deductible for interest expense as an itemized deduction is: (Points :
5)$1,500.
$6,000.
$7,500.
$8,300.
None of the above
4. (TCOs 3, 4, 5, & 7) Isabel’s income from her investments for the current year is as follows:Gain on the sale of Rosebud Country school bonds$3,000Interest on Rosebud County school bonds$8,500Interest received during the year on U.S. government bonds$6,500Total$18,000Isabel’s gross income from the above is: (Points : 5)$3,000.
$9,500.
$15,000.
$18,000.
None of the above
5. (TCOs 3, 4, 5, & 7) Under the terms of a divorce agreement, Troy is to pay his wife Brook $1,200 per month.
The payments are to be reduced to $800 per month when their 12-year-old child reaches age 18. During the current year, Troy paid
$14,400 under the agreement. Assuming all of the other conditions for alimony are satisfied, Troy can deduct from gross income (and
Brook must include in gross income) as alimony: (Points : 5)$0.
$4,800.
$9,600.
$14,400.
None of the above
6. (TCOs 3, 4, 5, & 7) During the current year, Harold sustained a serious injury in the course of his
employment. As a result of the injury sustained, he received the following payments during the year:Unemployment compensation$7,000Worker’s compensation$5,000Reimbursement from his employer’s accident and health plan for medical expenses paid by Harold$1,000Damages for physical personal injuries$8,000What is the amount to be included in Harold’s gross income for the current year? (Points : 5)$5,000
$6,000
$7,000
$8,000
None of the above
7. (TCOs 3, 4, 5, & 7) IRA contributions should be treated as: (Points : 5)a deduction from AGI subject to the 2 percent of AGI floor.
a deduction from AGI not subject to the 2 percent of AGI floor.
not deductible.
deductible for AGI.
None of the above
8. (TCOs 3, 4, 5, & 7) Which of the following items would be a miscellaneous itemized deduction on Schedule A
of Form 1040 not subject to the 2% of AGI floor? (Points : 5)Appraisal fees
Impairment-related work expenses of a handicapped person
Hobby losses
Professional dues
None of the above
9. (TCOs 7, 8, & 9) Matt and Shanekwa, ages 45 and 44, respectively, file a joint tax return for 2011. They
provided all of the support for their 24-year-old son, who had $2,500 of gross income. Their 23-year-old daughter, a full-time
student until her graduation on June 14, 2011, earned $6,000, which was 45% of her total support during 2011. Her parents provided
the remaining support. Matt and Shanekwa also provided total support for Shanekwa’s father who is a citizen and life-long resident
of Portugal. How many personal and dependency exemptions can Matt and Shanekwa claim on their 2011 income tax return? (Points : 5)Five
Four
Three
Two
None of the above
10. (TCOs 2, 8, & 9) If a vacation home is used primarily for personal use (rented for less than 15 days per
year), which of the following is true? (Points : 5)All expenses are deductible from AGI.
Expenses must be allocated between rental and personal use.
Depreciation is allowed as a deduction.
All rental income is excluded from AGI.
None of the above
11. (TCOs 2, 8, & 9) Victoria, whose husband died in December 2009, maintained a household in which her
dependent son lives. What is Victoria’s filing status for the tax year 2011? (Points : 5)Surviving spouse
Single
Married, filing separately
Head of household
None of the above
12. (TCOs 2 & 11) Which, if any, of the following transactions will not accelerate the gain on an installment
note? (Points : 5)

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