What is the amount to be included in Harold’s gross income for the current year? (Points : 5)

PSMITH FED. TAX

During 2011, Doris paid the following interest charges:
Home mortgage $6,000
On loan to purchase a new car $1,500
On student loan $800
If Doris itemizes her deductions for 2011, then the amount deductible for interest expense as an itemized deduction is: (Points :
5)

$1,500.
$6,000.
$7,500.
$8,300.
None of the above

4. (TCOs 3, 4, 5, & 7) Isabel’s income from her investments for the current year is as follows:
Gain on the sale of Rosebud Country school bonds $3,000
Interest on Rosebud County school bonds $8,500
Interest received during the year on U.S. government bonds $6,500
Total $18,000
Isabel’s gross income from the above is: (Points : 5)

$3,000.
$9,500.
$15,000.
$18,000.
None of the above

5. (TCOs 3, 4, 5, & 7) Under the terms of a divorce agreement, Troy is to pay his wife Brook $1,200 per month.
The payments are to be reduced to $800 per month when their 12-year-old child reaches age 18. During the current year, Troy paid
$14,400 under the agreement. Assuming all of the other conditions for alimony are satisfied, Troy can deduct from gross income (and
Brook must include in gross income) as alimony: (Points : 5)
$0.
$4,800.
$9,600.
$14,400.
None of the above

6. (TCOs 3, 4, 5, & 7) During the current year, Harold sustained a serious injury in the course of his
employment. As a result of the injury sustained, he received the following payments during the year:
Unemployment compensation $7,000
Worker’s compensation $5,000
Reimbursement from his employer’s accident and health plan for medical expenses paid by Harold $1,000
Damages for physical personal injuries $8,000
What is the amount to be included in Harold’s gross income for the current year? (Points : 5)

$5,000
$6,000
$7,000
$8,000
None of the above

7. (TCOs 3, 4, 5, & 7) IRA contributions should be treated as: (Points : 5)
a deduction from AGI subject to the 2 percent of AGI floor.
a deduction from AGI not subject to the 2 percent of AGI floor.
not deductible.
deductible for AGI.
None of the above

8. (TCOs 3, 4, 5, & 7) Which of the following items would be a miscellaneous itemized deduction on Schedule A
of Form 1040 not subject to the 2% of AGI floor? (Points : 5)
Appraisal fees
Impairment-related work expenses of a handicapped person
Hobby losses
Professional dues
None of the above

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