Author: Anonymous

This year Non provided services to several clients, each of whom paid with different types of property. Which of the following payments is not included in Non’s gross income?

Lara’s husband passed away this year. After his death, Lara received $250,000 of proceeds from life insurance on her husband, and she inherited her husband’s stock portfolio, worth $750,000. What amount must Lara include in her gross income?

For filing status purposes, the taxpayer’s marital status is determined at what point during the year?

If Lana requests an extension to file her individual tax return in a timely manner, the latest she could pay her tax due without penalty is:

Maggie’s gross tax liability is $9,000. Maggie had $3,000 of tax credits available and she had $8,000 of taxes withheld by her employer. What are Maggie’s taxes due (or taxes refunded) with her tax return?

Pelosi is a cash-basis calendar-year taxpayer. During the last week of December she received a letter containing a $5,000 check for services rendered. Which of the following is a true statement?

Helen and John Wick filed jointly in Year 1. They divorced in Year 2. Late in Year 2, the IRS discovered that the Wicks underpaid their Year 1 taxes by $2,000. Both Helen and John worked in Year 1 and received equal income but John had $2,000 less tax withheld than Helen did. Who is legally liable for the tax underpayment?

Astra was issued a $150 speeding ticket. This is:

Taxes influence which of the following decisions?

Chloe is a cash-basis taxpayer and a member of the Smallville Barter club. This year Chloe provided 100 hours of sewing services to the barter club in exchange for two football playoff tickets. Which of the following is a true statement?