Question

1) Fred and Phyllis Black are a married couple with no children. On June 15, 2019, Fred died. Phyllis has not remarried. For 2019, what is Phyllis' most favorable filing status?

2) Fred and Phyllis Black are a married couple with no children. On June 15, 2019, Fred died. In 2020, Phyllis has not remarried and has a dependent son who continues to live with her. For 2019, what is Phyllis' most favorable filing status for 2020?

3) Fred and Phyllis Black are a married couple with no children. On June 15, 2019, Fred died. In 2022, Phyllis has not remarried and has a dependent son who continues to live with her. For 2019, what is Phyllis' most favorable filing status for 2022?

4) Fred and Phyllis Black are a married couple with no children. On June 15, 2019, Fred died. In 2022, Phyllis has not remarried and has a dependent cousin who continues to live with her. For 2019, what is Phyllis' most favorable filing status for 2022?

5) What are the three additional tests that must be met to be a qualifying relative? Briefly explain each test.

6) Points paid at settlement on the initial financing of one's principal residence must be capitalized and amortized over the period of time to which they relate. True or False

7) Interest credited to a taxpayer's savings account is not included in their income until it is withdrawn. True or False

8) A taxpayer receives rental income in 2019, with the understanding that he will rebate whatever is deemed excessive by rent-control authorities. He is compelled to make such a rebate in 2020. He should include the full amount of the rent received in 2019, in his income for that year. True or False

9) Most changes in accounting method require IRS approval. True or False

10) Dividends declared in 2019, and paid in 2020, are included in the income of the recipient when he is paid, regardless of whether he is on a cash or accrual basis. True or False

11) An insurance sales representative who earns commissions that are made available to her in the taxable year, but who does not take them in that year, must report them as part of that year's taxable income. True or False

12) A taxpayer makes a legal assignment to an outside party of a salary check she is to receive in the future. the taxpayer still must report the salary check as her own compensation income. True or False

13) A taxpayer may use a cash basis for one business and an accrual basis for another business. True or False

14) For a cash method taxpayer, expenses paid with borrowed funds are deductible in the year in which the loan is repaid. True or False

15) In general, a CPA on the cash basis method will never have a bad debt deduction. True or False

16) A cash-basis taxpayer may deduct prepaid business expenses currently regardless of the period of time to which the expenses relate. True or False

17) A cash-basis taxpayer must always include checks in income in the year received. True or False

18) A sale may be reported on the installment method even though no payments are received in the year of sale. True or False

19) Sasha owned an apartment building, but she retained a real estate agent to manage the building and collect rents. Following his usual practice, the agent collected the December 2019 rents and mailed them to Sasha. Sasha did not receive them in the mail until January 3, 2020. Sasha must report the rents in income in 2020. True or False

20) All taxpayers must use the accrual method for sales and cost of goods sold if inventories are an income-producing factor to the business. True or False

21) An accrual basis taxpayer must report rental income received in advance for three years in the year received. True or False

Answer 1

please give positive rating your feedback is valuable to me.

In case any problem please leave a comment.

Note:- we are supposed to answer first 4 part under Chegg policy hope you understand please repost remaining questions individual or with group of 4 questions Thanku!!!!!

Stay Home ? Stay Safe ?️

Answer-1 Qualifying Widow

Answer-2 Qualifying Widow

Answer-3 single

Answer-4 single