TAX2000 Midterm Review Questions and Answers Grade A+
6 views 0 purchase
Course
TAX2000
Institution
TAX2000
What are the various IRS Tax forms that must be used to file for each different
taxpayer?
Individual: 1040EZ, 1040A, 1040, 1040X (amendments)
Corporations: 1120, 1120S ( S Corp. status)
Partners: 1065 ( For reporting only, not taxable)
Self-Employed: 1040 ES (Schedule SE and Schedule C)
...
✓ Single, Head of Household, Married filing jointly, Married filing
separately, and Qualifying Widow(er) with a dependent.
What are the passive activity rules for rental properties?
✓ Rental property is considered a passive activity regardless of active
involvement.
✓ - Up to $25,000 of rental loss allowed against ordinary income.
(reduced by 50 cents p/$1 of modified AGI > $100,000.)
✓ -Entire loss may be deducted only if realty is deemed active business.
What is the tax rule for municipal loan interest expense?
✓ Interest income received from municipal bonds is free from federal tax
and in most states and cities they are also free from state and local
taxes.
Dependent care credit? Married filing jointly? Filing separately?
Master01 | October, 2024/2025 | Latest update
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamArsenal. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
