Income Tax Fundamentals 2020 (with Intuit Proconnect Tax Online)
38th Edition
ISBN: 9780357108239
Author: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 23MCQ
Access the Internet and go to www.irs.gov and select "News" in the upper right hand corner (on mobile devices, select "Menu" in the upper right hand corner and select "News"). Select "IRS Guidance"(on mobile devices, hit the plus on "more News," then scroll down until you see "IRS Guidance") and then select "IRS Guidance in Plain English."Which of the following is a written statement issued to a taxpayer that interprets and applies tax laws to the taxpayer's specific set of facts?
- Private letter ruling
- Revenue ruling
- Revenue procedure
- Notice
- Regulation
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Students have asked these similar questions
Required:
Use the following information to complete Rhonda Hill's federal income tax return.
If any information is missing, use reasonable assumption to fill in the gaps.
Prepare this return for the year ending December 31, 2021
You may use any tax software program to complete the return, or you can do them
manually by downloading fillable forms from the IRS website (www.irs.gov).
The forms, schedules, and instructions can be found at the IRS website
(www.irs.gov). The instructions can be helpful in completing the forms.
Facts:
1. Rhonda Hill (unmarried) is employed as an office manager at the main office of
Carter & Associates CPA firm. Rhonda lives in a home she purchased 20 years ago.
Rhonda's older cousin Mabel Wright lives with Rhonda in her home. Mabel is
retired and receives $2,400 of Social Security payments each year. Mabel is able to
save this money because Rhonda provides all of Mabel's support. Rhonda also
provided the following information.
Rhonda does not want to…
1. Internet users can go to http://www.irs.gov/ and:
a.Use a search function to find forms and publications.
b.Find links to other useful IRS pages.
c.Download tax forms and publications.
d.All of these choices are correct.
2. Electronically filed tax returns:
a.Have error rates similar to paper returns.
b.Offer faster refunds than paper returns.
c.May not be transmitted from a taxpayer's home computer.
d.Constitute less than 50 percent of the returns filed with the IRS.
3. John, age 25, is a full-time student at a state university. John lives with his unmarried sister, Ann, who provides over half of his support. His only income is $4,400 of wages from a part-time job at the college book store. What is Ann's filing status for 2021?
a.Married, filing separately
b.Head of household
c.Qualifying widow(er)
d.Single
e.None of these choices are correct.
Use the following information to complete Johnelle and Latoya Henry's 2018 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps.
You may need the following forms to complete the project: Form 1040 and Schedule A. The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms.
Facts:
Page C-4
Johnelle Henry is employed as a human resources manager for Toys Unlimited, Inc., and Latoya is a financial planner for her mother's company, Long-term Investments, Inc., a full-service wealth-planning firm. They provide the following information:
Page C-3
They both want to contribute to the presidential election campaign.
They live at 9876 Old Waverly, Charleston, South Carolina.
Johnelle's birthday is 7/17/1965 and his Social Security number is 555-12-6789.
Latoya's birthday is 9/11/1967 and her Social Security number is 987-65-4321.
Johnelle or Latoya do not have any…
Chapter 1 Solutions
Income Tax Fundamentals 2020 (with Intuit Proconnect Tax Online)
Ch. 1 - Prob. 1MCQCh. 1 - Which of the following tax forms are used by...Ch. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Which of the following is a deduction for adjusted...Ch. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Prob. 8MCQCh. 1 - Joan, who was divorced in 2019, had filed a joint...Ch. 1 - Prob. 10MCQ
Ch. 1 - Prob. 11MCQCh. 1 - Margaret, age 65, and John, age 62, are married...Ch. 1 - Prob. 13MCQCh. 1 - Robin and Howie file married filing jointly and...Ch. 1 - Prob. 15MCQCh. 1 - Prob. 16MCQCh. 1 - Taxpayers who are blind get the benefit of: An...Ch. 1 - Which of the following is not a capital asset to...Ch. 1 - Jayne purchased General Motors stock 6 years ago...Ch. 1 - Prob. 20MCQCh. 1 - Shannon, a single taxpayer, has a long-term...Ch. 1 - Prob. 22MCQCh. 1 - Access the Internet and go to www.irs.gov and...Ch. 1 - Prob. 24MCQCh. 1 - List three major purposes the tax system is meant...Ch. 1 - Jason and Mary are married taxpayers in 2019. They...Ch. 1 - Leslie is a single taxpayer who is under age 65...Ch. 1 - In 2019, Lou has a salary of $53,300 from her job....Ch. 1 - Diego, age 28, married Dolores, age 27, in 2019....Ch. 1 - Ulysses and Penelope are married and file separate...Ch. 1 - Prob. 7PCh. 1 - Prob. 8PCh. 1 - Prob. 9PCh. 1 - Prob. 10PCh. 1 - Christine is a single 50 -year-old taxpayer with...Ch. 1 - Prob. 12PCh. 1 - Prob. 13PCh. 1 - Determine from the tax table in Appendix A the...Ch. 1 - Prob. 15PCh. 1 - Melissa and Aaron are married taxpayers with...Ch. 1 - Jessica and Carl were married on July 1,2019. What...Ch. 1 - Prob. 18PCh. 1 - Prob. 19PCh. 1 - Prob. 20PCh. 1 - Prob. 21PCh. 1 - What is the total dollar amount of personal and...Ch. 1 - Prob. 23PCh. 1 - Prob. 24PCh. 1 - Prob. 25P
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