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Harold and Maude filed a joint return for 2012 reporting: Gross business income $400,000 Net business income 80,000

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Question;56. Harold and Maude filed a joint return for 2012 reporting: Gross business income $400,000 Net business income 80,000 Net capital gain 40,000 Maude inadvertently omitted some income from this return. The six-year statute applies only if Maude?s omitted gross income exceeds: a. $20,000 b. $30,000 c. $100,000 d. $110,000 58. If a practitioner who is authorized to practice before the IRS knows that a client has not complied with the revenue laws of the United States with respect to a matter administered by the IRS, the practitioner is required to: ***** ***** the client of the noncompliance b. Immediately notify the IRS c. Do nothing d. Advise his client and immediately notify the IRS 55 Which of the following is not considered when determining the total support test for a child a. Fair rental value of lodging b. Medical insurance premiums c. Birthday presents d. Scholarship e. Recreation 47. IRS adapted Problem. The following items were received as court awards and damages during 2013. All should be included in ordinary income for 2013 by the taxpayer who received them except a. compensation for lost wages due to slander b. compensatory damages for physical injury c. damages for breach of contract d. interest on damages for breach of contract

 

Paper#52059 | Written in 18-Jul-2015

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