Introduction To Taxation

The federal income tax would be best described as a(n).

The term tax shelter is associated with:

For income tax purposes, an income property owner cannot deduct:

A taxpayer, who has an adjusted gross income of $125,000, suffered a passive loss of $100,000. How much of his loss can be used to shelter active income?

Boot in an exchange would be:

You may gain a federal tax advantage by:

The capital gains rate for a person in the 10 percent tax bracket for a gain in 2012 would be:

The long term capital gains rate on the gain by a person in a 28 percent tax bracket is:

When a seller pays points, for tax purposes this would:

The party responsible for reporting a sale to the IRS is the:

Which of the following is an ad valorem tax?

By use of a tax shelter, a taxpayer may:

The owner of an apartment building would have a number of tax deductions. Which of the following is not a deduction?

Under the Street Improvement Act of 1911, how long does an owner have to pay the bill after receipt?

A purchaser at a tax foreclosure sale obtains a:

The period for redemption for unpaid taxes is:

Josie takes a $30,000 loss on operations of her apartment building. In the same year, her total adjusted gross income is $152,000. How much of her other active income can be sheltered from taxes?

A seller had owned income property for 19 months. The tax on the capital gains upon sale would be:

A buyer purchased a home on April 15. The taxes for the tax year had been paid, but the buyer received a tax bill anyway. This bill is known as a:

To be eligible for the universal exclusion, a couple must have:

The following are not exempt from real property taxation:

A married couple sold the home they had lived in for three years and realized a $600,000 profit. What would they pay in taxes?

Clyde, age 53, sells his residence for $160,000. He purchased it for $40,000 18 years earlier. Clyde does not intend to buy another house. What portion of the sale price is taxable?

A tax collector is selling a tax-defaulted property at public auction; the sale:

For a tax-free exchange on Sharon's rental units, she should exchange for:

An advantage to a seller of an installment sale is:

The maximum gift a donor can give to each donee and be exempt from the federal gift tax is:

The adjusted basis of a taxpayer's residence would be:

Which of the following should have the least impact on property tax rates?

Under FIRPTA, how much must the buyer withhold from the sales price when the seller is a U.S. citizen?

Gerald sells his residence for $200,000. He purchased it 12 months ago for $220,000. For tax purposes he has:

The unadjusted basis of a taxpayer's residence would be:

Harold sells a lot to Dick for $29,420. Dick assumes a first trust deed of $17,933. He gives Harold $1,000 cash and a second trust deed for the balance. The revenue stamps required are:

A foreign seller sold his residence in California for $300,000. How much must the buyer withhold for California tax purposes?

Street improvements are assessed based on:

A man traded his commercial property for vacant land. As to this trade, which is a true statement?

Ralph builds a swimming pool at his apartment building in order to reduce his vacancy factor. For tax purposes, he may:

A veteran who is disabled due to military service and whose only income is his or her $18,000 pension has a property tax exemption of:

A prudent person would be interested in income taxes:

The second installment of the real estate tax is due:

A tax on the gross receipts of a broker would be a:

A buyer does not have to withhold part of the purchase price from a foreign national seller when:

Which of the following transfer of a principal residence would result in the reassessment of a property?

Boot refers to:

A veteran must apply for tax exemption by:

Three years ago a taxpayer had a large capital loss but no gain to offset it. How much of the gain is she allowed to use each year to shelter other income?

A property owner's tax rate would be set by the:

Regina's city puts in a sewer line in front of her lot. She can expect a:

A disadvantage of corporations in relation to taxes is:

The term "tax roll" refers to:

Which proposition allows a property to retain its tax base when it is transferred from parent to child?

The proposition that allows an elderly homeowner to transfer his or her cost baisis to another home in the same county is:

For tax purposes, Paul can depreciate:

Boot in an exchange would be:

The California sales tax is: