Each of the following moves represent a permanent change of station EXCEPT a move from: One permanent post of duty to another. The last post of duty to the taxpayer's home within one year of the end of the taxpayer's active duty. The taxpayer's home to the first post of active duty. The last post of duty to the taxpayer's home 18 months after the end of the taxpayer's active duty. Mark for follow up

Each of the following moves represent a permanent change of station EXCEPT a move from: One permanent post of duty to another. The last post of duty to the taxpayer's home within one year of the end of the taxpayer's active duty. The taxpayer's home to the first post of active duty. The last post of duty to the taxpayer's home 18 months after the end of the taxpayer's active duty. Mark for follow up

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 8MCQ

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Under what circumstances, if any, can a married person file as a head of household? A. A married person, if otherwise qualified, can claim head of household status only in the first year that he or she can be classified as a surviving spouse. The taxpayer must maintain a household for at least nine months of the year. OB. A married person, if otherwise qualified, can claim head of household status if he or she is married to a nonresident alien or if he or she qualifies as an abandoned spouse. To be an abandoned spouse, the person must have lived apart from his or spouse for the last six months of the year and maintain a household for a qualifying child in which they both live. OC. A married person, cannot claim head of household status, this status is only for single taxpayer that maintain a household for a qualifying child in which they both live. O D. A married person, if otherwise qualified, can claim head of household status only if he or she qualifies as an abandoned spouse. To be…
If during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to exceed P3M. Can he revoke his registration the following year opts to pay decides that he wants revert back as percentage taxpayer? Explain your answer.
To qualify for exclusion treatment on the sale of a principal residence, the residence must have been owned and used by the taxpayer for at least two years during the five-year period ending on the date of the sale. Are there any exceptions to this provision? ✔. Under this code section, the exclusion amount for a taxpayer filing single is $ There is an exception under § 121 which is multiplied ✓by a fraction, the numerator of which is the number of qualifying months and the denominator of which is months. The result is the maximum amount of excluded ✓gain. The relief provision applies when the failure to meet the two-year ownership and occupancy requirement results from employment, health, or other unforeseen circumstances as defined in the Regulations ✓.
When does the automatic 60-day extension period for qualified taxpayers impacted by federally declared disasters begin? After the later of the earliest incident date, or the date the declaration was issued. After the later of the date of the latest incident, or the due date of the current-year tax return. Either the later of the date the loss was realized or the date of the incident. Either the later of the date the first disaster occurred or the date the second disaster occurred.
Identify in which situation income was constructively received in 2022. Situation A taxpayer received a check on December 31, 2022. Deposited the check to their bank account on January 1, 2023. A taxpayer sold their home on December 20, 2022. Payment was received from the escrow company on January 5, 2023. A taxpayer's employer offers the taxpayer the option to receive their year-end bonus on either December 15, 2022 or January 15, 2023. The taxpayer chooses to defer it to January 15, 2023. A taxpayer who performs consulting services was informed by a client that a check for services they had performed was ready to be picked up on December 15, 2022. However, the taxpayer was on vacation and unable to pick it up until January 3, 2023. Was income constructively received? (Yes/No)
A taxpayer spends six months in the year working and living in the state. They move across the border, but keep the same job. For all intents and purposes, they are now domiciled in this other state for the latter half of the year. How much of the income that they receive is considered California source income taxable under the jurisdiction of the FTB? All of it Only the half while the taxpayer was domiciled within the state None of it An apportioned amount based on amounts earned compared between two different time periods of residency and nonresidency
For periods of time beginning after December 31, 2008, which of the following is most likely to be considered a period of non qualified use for which the exclusion of gain on the sale of a principal residence does not apply? A. A period of one year which the taxpayer was temporarily absent due to a medical conditionsl. B. A period of three years during which the taxpayers spouse was absent due to marital problems. C. A period of one year during which the taxpayer was temporarily absent due to a change in employment. D. A period of five years during which the taxpayers spouse was serving on qualified official extended duty.
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4. n order to qualify as a resident under the substantial presence test, a taxpayer must be physically present in the U.S. for at least 31 days in the current year. What is the total number of days they must also have been present in the current year PLUS the preceding two years?
If a taxpayer excludes the gain on the sale of his personal residence and, within two years, sells a second residence, he or she can exclude (up to $250,000 for a single taxpayer): Multiple Choice The entire gain for any reason. A ratio of the days owned divided by 730 days for any reason. The entire gain on the second sale if the sale is due to health, employment reasons or unforeseen circumstances. A ratio of the days owned divided by 730 days and only if the sale is due to health, employment reasons or unforeseen circumstances.
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