H&R Block Income Tax Course Exam Study Guide with Complete Solutions
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Hr block
Institution
Hr Block
H&R Block Income Tax Course Exam
Study Guide with Complete Solutions
Circular 230 - Ans:-Regulations governing the practice of attorneys, certified public accountants,
enrolled agents, enrolled actuaries, and appraisers before the IRS.
Disclosure - Ans:-The release of tax information by an IRS ...
Form 1040X - Ans:✔✔-Amended U.S. Individual Income Tax Return
When can an amended return be filed? - Ans:✔✔-Within three years of the date the original return was
filed, or within two years of the date the tax was paid, whichever is later.
Can the 1040X be e-filed? - Ans:✔✔-No.
Household Employee - Ans:✔✔-An individual who performs nonbusiness services in a taxpayer's home.
Active Income and Losses - Ans:✔✔-Those for which a taxpayer performs services.
Partnership - Ans:✔✔-A form of business in which two or more persons join their money and skills in
conducting the business as co-owners.
Passive Income and Losses - Ans:✔✔-Those from business activities in which the taxpayer does not
materially participate, and all rental activities.
Portfolio Income and Losses - Ans:✔✔-Those from such sources as dividends, interest, capital gains and
losses, and royalties.
Rental Income - Ans:✔✔-Income received by the taxpayer for allowing another person's use of the
taxpayer's property.
Royalty - Ans:✔✔-(1) A payment received for the right to exploit a taxpayer's ownership of natural
resources or a taxpayer's literary, musical, or artistic creation. (2) An interest in the oil and gas in place
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