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ACCT 323 Federal Income Tax

Federal Taxes – Mid-Term
Indicate whether the following are true or false – Two points each.

1. A tax home is the general area in which an employee lives. ____________-
2. Prepaid income is generally taxable in the year of receipt. _____________
3. Interest paid by a state on its bond is tax-free. ______________
4. A capital gain on the sale of a state bond is tax free. ____________-
5. Contributions to a Roth IRA are not deductible and payments from the Roth IRA are not taxable.___________
6. Dividends received by an individual taxpayer are taxed as ordinary income. ___________
7. Bad debt losses from nonbusiness debts are not deductible. ____________
8. A doctor’s recommendation for treatment is sufficient for claiming a medical deduction. _______________
9. Social Security benefits are not taxable. _____________
10. Bad debt losses from non-business debts are not deductible. __________________
Answer the following:
1. Define the statute of limitations and explain its impact on taxpayers and the IRS.
2. Expalin the primary and secondary objectives of the federal tax system.
3. Explain the statute of limitation regarding fraud.
4. Compare recognized to realized for tax purposes.

5. Explain the impact of the Corn Products doctrine on income taxes.
6. Compare ordinary income to capital gains and losses.
7. Define the constructive receipt of income and explain its significance and impact on taxable income.
8. Define adjusted basis. Why does it matter.

9. Alex buys 100 share of Pfizer stock on 12-1-21 paying $4,800. On 12-20-21 he sells those 100 shares for $3,200. On 1-5-22, he buys 100 shares for $3,500. How are these transactions reported on his 2021 tax return. Why?

10. What is the significance of being treated as a self-employed person vs employee.

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