Introduction To Taxation

An advantage to a seller of an installment sale is:

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

By use of a tax shelter, a taxpayer may:

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

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

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

A prudent person would be interested in income taxes:

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

A disadvantage of corporations in relation to taxes is:

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

A veteran must apply for tax exemption by:

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

The term "tax roll" refers to:

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?

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

Boot refers to:

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

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

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

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:

The period for redemption for unpaid taxes is:

Boot in an exchange would be:

The California sales tax is:

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

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

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

Boot in an exchange would be:

The following are not exempt from real property taxation:

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

For tax purposes, Paul can depreciate:

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

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

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

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

You may gain a federal tax advantage by:

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

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

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?

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

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

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

The term tax shelter is associated with:

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?

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

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?

A purchaser at a tax foreclosure sale obtains a:

Which of the following is an ad valorem tax?

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

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:

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

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:

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

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?

Street improvements are assessed based on:

The second installment of the real estate tax is due: