Posted: December 20th, 2021

APUS ACCT420: Individual Federal Taxes FULL ASSIGNMENT + QUIZ`S

ALL THE Ivan Incisior 2010 Tax ReturnWeek 1 Assignment
Complete theCumulative Software Problem found
onpage
1-39 of the text. This assignment requires the
use of the H&R Block At Home software that comes with the text. The
assignment should be completed in the H&R software program, saved, and
submitted as “For Filing Version” PDF file. (Do not submit
“Draft Version).
Week 2 Assignment
Complete theCumulative
Software Problemfound on
page 2-42 of the text. This assignment requires the use of the H&R
Block At Home software that comes with the text. The assignment should be
completed in the H&R software program, saved, and submitted as a PDF file
(For Filing Version) in the Assignments area of the course.
Week 3 Assignment
Complete theCumulative Software Problem found on page 3-44of the
text. This assignment requires the use of the H&R Block At Home
software that comes with the text. The assignment should be completed in the
H&R software program, saved, and submitted as a PDF file (For Filing
Version) in the Assignments area of the course.
Week 4 (your nursing study bay) Assignment
Complete
theCumulative Software Problem found on page 4-53of the
text. This assignment requires the use of the H&R Block At Home
software that comes with the text. The assignment should be completed in the
H&R software program, saved, and submitted as a PDF file (For Filing
Version) in the Assignments area of the course.

Week 5 Assignment
Complete theCumulative Software Problem found on page 5-45of the text. This assignment requires the use of the H&R
Block At Home software that comes with the text. The assignment should be
completed in the H&R software program, saved, and submitted as a PDF file
in the Assignments area of the course.
Week 6 Assignment
Complete theCumulative Software Problem found on page 6-45 of
the text. This assignment requires the use of the H&R Block At Home
software that comes with the text. The assignment should be completed in the
H&R software program, saved, and submitted as a PDF file (For Filing
Version) in the Assignments area of the course.
Week 7 Assignment
Completemultiple choice questions 1 through 10 on pages 8-36 and 8-37

Week 8 Final Assessment
CompleteGroup 3: Comprehensive Problem 1 (David and Darlene Jasper)on pages 6-43 and 6-44. Submit
your answers in the attached pdf documents by day 7.Week 1 Quiz

Question 1 of 10

Partnership income is reported on:

Question 2 of 10

Martin, a 50-year-old single
taxpayer, paid the full cost of maintaining his dependent mother in a home
for the aged for the entire year. What is the amount of Martin’s standard
deduction for 2010?

Question 3 of 10

Which of the following is a true
statement with respect to the gross income test for the qualifying relative
dependency exemption?

Question 4 of 10

Which of the following is not a
capital asset?

Question 5 of 10

Irma, widowed in 2008, pays all
costs related to the home in which she and her unmarried son live. Her son
does not qualify as her dependent. What is her filing status for 2010?

Question 6 of 10

John, age 25, is a full-time
student at a state university. John lives with his sister, Ann, who provides
over half of his support. His only income is $4,000 of wages from a part-time
job at the college book store. What is Ann’s filing status for 2010?

Question 7 of 10

Jill is a 16-year-old child who is
claimed as a dependent by her parents. Jill’s only income is $1,400 from her
bank savings account. What is the amount of Jill’s standard deduction for
2010?

Question 9 of 10

Oscar and Mary have no dependents
and file a joint income tax return for 2010. For 2010, they have adjusted
gross income of $145,000 and itemized deductions of $32,000. What is the
amount of taxable income that Oscar and Mary must report on their 2010 income
tax return?

Question 10 of 10

Bob owns a rental property that he
bought several years ago for $260,000. He has taken depreciation on the house
of $37,000 since buying it. He sells it in 2010 for $290,000. His selling
expenses were $12,000 for the year. What was Bob’s realized gain on the sale?

Week 2 Quiz

Question 1 of 10

For 2010, the maximum percentage
of Social Security benefits which must be included in a taxpayer’s gross
income is?

Question 2 of 10

All of the following amounts are
excluded from gross income, except:

Question 3 of 10

In the tax law, the definition of
gross income is:

Question 4 of 10

For divorces after 1984, which of
the following statements about alimony payments is not correct?

Question 5 of 10

Richard, who retired on April 30,
2010, receives a monthly employee annuity benefit of $1,400 payable for life,
beginning May 1, 2010. During his years of employment, Richard contributed
$29,400 to the company’s plan. Richard’s life expectancy from the IRS tables
is 10 years. Using the general rule, how much of the annuity payment amounts
received during 2010 ($11,200) may Richard exclude from gross income?

Question 6 of 10

Laura and Leon were granted a
divorce in 2004. In accordance with the decree, Leon made the following
payments to Laura in 2010: Child support payments contingent on the age of
the child$4,000 Annual cash payments, other than child support, specified as
alimony in the divorce agreement$6,000 How much should Laura include in her
2010 taxable income as alimony?

Question 7 of 10

Robert works for American Motors.
American Motors pays a $1,200 premium on Robert’s health insurance in 2010.
Robert has an operation on his big toe in 2010 that cost $7,200. The
insurance company paid for $6,800 of it. Which one of the following is true?

Question 8 of 10

Which of the following is
nontaxable income to the recipient for tax purposes?

Question 9 of 10

Jerry and Sally were divorced
under an agreement executed July 1, 2010. The terms of the agreement provide
that Jerry will transfer to Sally his interest in a rental house worth
$250,000 with a tax basis to Jerry of $80,000. What is the amount of the gain
that must be recognized by Jerry on the transfer of the property and what is Sally’s
tax basis in the property after the transfer, respectively?

Question 10 of 10

Employer-provided spending
accounts:

Week 3 Quiz

Question 1 of 10

(1point) Which of the following
statements is true of a distribution rollover (not a trustee-to-trustee
transfer) from a retirement plan?

Question 2 of 10

(1point) Ellen loans Nicole
$45,000 to start a hair salon. Unfortunately, the business fails in 2010 and
she is unable to pay back Ellen. In 2010, Ellen also had $20,000 of income
from her part-time job and $12,000 of capital gain from the sale of stock.
How much of the $45,000 bad debt can Ellen claim as a capital loss in 2010?

Question 3 of 10

(1point) Donald, a 40-year-old
married taxpayer, has a salary of $55,000 and interest income of $6,000. What
is the maximum amount Donald can contribute to a Roth IRA?

Question 4 of 10

(1point) Choose the incorrect
answer. Money removed from a traditional IRA is taxable as ordinary income
and subject to a 10 percent penalty except for taxpayers who are:

Question 5 of 10

(1point) Patricia is a business
owner who is trying to determine her cost of goods sold for 2010. She bought
20 units of inventory at $11, then 26 units at $9, and finally 18 units at
$14. She sold 30 units in 2010 and uses FIFO for her inventory valuation.
What was her cost of goods sold in 2010 assuming that there was no inventory
at the beginning of the year?

Question 6 of 10

(1point) Polly, age 45,
participates in her employer’s Section 401(k) plan which allows employees to
contribute up to 15 percent of their salary. Her annual salary is $100,000 in
2010. What is the maximum she can contribute to this plan on a tax-deferred
basis under a salary reduction agreement?

Question 7 of 10

(1point) Lester rents his vacation
home for 6 months and lives in the home during the other 6 months of 2010.
The gross rental income from the home is $4,500. For the entire year, real
estate taxes are $800, interest is $3,000, utilities and maintenance expenses
are $2,200, and depreciation expense on the entire home would be $4,000. What
is Lester’s allowable net loss from renting his vacation home?

Question 8 of 10

(1point) Arnold purchased
interests in two limited partnerships 6 years ago. During 2010, Arnold had
income of $22,000 from one of the partnerships. He had a loss from the other
partnership of $32,000, salary income of $35,000, and dividend income of
$2,000. What is Arnold’s net passive income or loss before any limitations?

Question 9 of 10

(1point) Bill is the owner of a
house with two identical apartments. He resides in one apartment and rents
the other apartment to a tenant. The tenant made timely monthly rental
payments of $500 per month for the months of January through December, 2010.
The following expenses were incurred on the entire building: Utilities$3,600
Maintenance and repairs800 Insurance on building600 In addition, depreciation
allocable to the rented apartment is $1,500. What amount should Bill report
as net rental income for 2010?

Question 10 of 10

(1point) What is the deadline for
making a contribution to traditional IRA or a Roth IRA for 2010?

Week 4 (your nursing study bay) Quiz

Question 1 of 10

Barry is a self-employed attorney
who travels to New York on a business trip during 2010. Barry?s expenses were
as follows: Airfare$560 Taxis40 Meals100 Lodging350 How much may Barry deduct
as travel expenses for the trip?

Question 2 of 10

Peter operates a dental office in
his home. The office occupies 250 square feet of his residence, which is a
total of 1,500 square feet. During 2010, Peter pays rent for his home of
$12,000, utilities of $4,800, and maintenance expenses of $1,200. What amount
of the total expenses should be allocated to the home office?

Question 3 of 10

Which of the following is not
deductible as a moving expense?

Question 4 of 10

During 2010, Harry, a
self-employed accountant, travels from Kansas City to Miami for a 1-week
business trip. While in Miami, Harry decides to stay for an additional 5 days
of vacation. Harry pays $600 for airfare, $200 for meals, and $500 for
lodging while on business. The cost of meals and lodging while on vacation
was $300 and $500, respectively. How much may Harry deduct as travel expenses
for the trip?

Question 5 of 10

Which of the following items
incurred while on travel is not considered a travel expense?

Question 6 of 10

If an employer chooses a per diem
method of substantiation for travel expenses,

Question 7 of 10

What income tax form does an
employee use to report expenses that are not reimbursed by an employer under
an accountable plan?

Question 8 of 10

Which of the following does not
give rise to a business expense for uniforms or special clothing?

Question 9 of 10

Charles, a corporate executive,
incurred business related, unreimbursed expenses in 2010 as follows:
Entertainment$900 Transportation700 Education400 Assuming that Charles
itemizes his deductions, how much of these expenses should he deduct on his
2010 Schedule A (before the 2 percent of adjusted gross income limitation)?

Question 10 of 10

Carla is a high school teacher who
is required by her school district to take continuing education courses which
are offered at the local college. She is also in the process of taking
classes at a different university where she is pursuing her Ph.D. to become a
research specialist. She pays the tuition for both schools. Which of the
following is true?

Week 5 Quiz

Question 1 of 10

Which of the following
miscellaneous deductions are not subject to the 2 percent of adjusted gross
income limitation?

Question 2 of 10

Roberto’s AGI is $110,000. He has
medical expenses of $12,000. How much of the medical expenses can Roberto
deduct on his Schedule A for 2010?

Question 3 of 10

Which of the following is not
deductible as an itemized deduction?

Question 4 of 10

Weber resides in a state that
imposes a tax on income. The following information relating to Weber’s state
income taxes is available: State income taxes withheld in 2010$3,000 Refund
received in 2010 of 2009 tax300 Assessment paid in 2010 of 2007 tax800
Assuming he elects to deduct state and local income taxes, what amount should
Weber use as state and local income taxes in calculating itemized deductions
for his 2010 Federal income tax return?

Question 5 of 10

Which one of the following is not
considered a casualty or theft loss for tax purposes?

Question 6 of 10

Which of the following charitable
contributions is not tax deductible?

Question 7 of 10

What percentage of medical
insurance payments can self-employed taxpayers deduct for adjusted gross
income on their 2010 tax returns?

Question 8 of 10

Frank is a resident of a state
that imposes a tax on income. The following information pertaining to Frank’s
state income taxes is available: State income taxes withheld in 2010$3,500
Refund of 2009 tax received in 2010400 Deficiency assessed and paid in 2010
for 2007: Tax600 Interest100 What amount should Frank use as state and local
income taxes in calculating itemized deductions for his 2010 Federal tax
return, assuming he elects to deduct state and local income taxes?

Question 9 of 10

Amy paid the following interest
expense during 2010: Qualified home mortgage interest$11,000 Credit card
interest1,000 Personal bank loan interest3,000 What is the amount of Amy’s
interest deduction for 2010?

Question 10 of 10

During 2010, Mr. and Mrs. West
paid the following taxes: Property taxes on residence$1,800 Special
assessment for installation of a sewer system in their neighborhood1,000
State personal property tax on their automobile (based on value)600 Property
taxes on land held for long-term appreciation300 What amount can the Wests
deduct as property taxes in calculating itemized deductions for 2010?

Week 6 Quiz

Question 1 of 10

Clark, a widower, maintains a
household for himself and his two dependent preschool children. For the
year ended December 31, 2010, Clark earned a salary of $36,000. He paid
$3,500 to a housekeeper to care for his children in his home, and also paid
$1,500 to a kiddie play camp for child care. He had no other income or
expenses during 2010. How much can Clark claim as a child care credit in
2010?

Question 2 of 10

Molly and Steve are married and
live in Texas. Molly earns a salary of $50,000 and Steve owns a rental
property that gives him $35,000 of income. If they filed separate tax
returns, what amount of income would Steve report?

Question 3 of 10

Which of the following tax
credits is not available for the 2010 tax year?

Question 4 of 10

Which one of the following
taxpayers qualify for the earned income credit?

Question 5 of 10

In 2010, the child tax credit
available to married taxpayers filing jointly is phased out, beginning at:

Question 6 of 10

Glen and Mary have two children,
Chad (12-years-old) and Linda (8-years-old). For 2010, Chad has $4,000 in
net unearned income and Linda has net unearned income of $1,000. If the
total parental tax for 2010 is $1,400, how would the tax be allocated
between Chad and Linda?

Question 7 of 10

Which of the following is true
of the alternative minimum tax?

Question 8 of 10

Jessica and Robert have two
young children. They have $7,000 of qualified child care expenses and an AGI
of $24,000 in 2010. What is their allowable child care credit?

Question 9 of 10

William and Irma have two
children, Tom (age 13) and Sara (age 8). For 2010, Tom and Sara have a
total parental tax of $5,600. Tom’s net unearned income is $15,000, while
Sara’s net unearned income is $5,000. How much of the parental tax would be
allocated to Sara on her 2010 tax return?

Question 10 of
10

The earned income credit:

Week 7 Quiz

Question 1 of 10

Simonne, a single taxpayer, bought
her home in La Jolla 25 years ago for $45,000. She has lived continuously in
the home since she purchased it. In December, 2010, she sells her home for
$405,000. What is Simonne’s taxable gain on the sale?

Question 2 of 10

For purposes of taxation of
capital gains

Question 3 of 10

For purposes of determining the
adjusted basis of a capital asset at the time of its sale,

Question 4 of 10

On August 8, 2010, Sam, age 62,
sold for $210,000 his principal residence which had an adjusted basis of
$60,000. On November 1, 2010, he purchased a new residence for $80,000. For
2010, Sam should recognize a gain on the sale of his residence of:

Question 5 of 10

In 2010, Paul, a single taxpayer,
has taxable income of $30,000 exclusive of capital gains and losses. Paul
incurred a $1,000 short-term capital loss and a $5,000 long-term capital
loss. What is the amount of his long-term capital loss carryover to 2011?

Question 6 of 10

Which of the following is true
about capital gains?

Question 7 of 10

Sol purchased land as an
investment on January 12, 2004 for $85,000. On January 31, 2010, Sol sold the
land for $90,000 cash. What is the nature of the gain or loss?

Question 8 of 10

An asset’s adjusted basis is
computed as:

Question 9 of 10

Martha has a net capital loss of
$20,000 and other ordinary taxable income of $45,000 for the current tax
year. What is the amount of Martha’s taxable income after deducting the
allowed capital loss?

Question 10 of 10

Which one of the following is a
capital asset?

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