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NEW QUESTION: 1
That small man chose a seat near the door and carefully sat down.
A. set down
B. will sit
C. could of sat
D. have sit down
E. sat
Answer: E
Explanation:
Explanation/Reference:
Explanation:
NEW QUESTION: 2
Which of the following statements are true regarding Kits?
Note: There are 2 correct answers to this question.
Response:
A. They can be exported
B. If your organization imports requisitions, those requisitions can contain kits.
C. Kits are a concept available only in the catalog
D. They can be created by data load
Answer: B,C
NEW QUESTION: 3
Tom and Joan Moore, both CPAs, filed a joint 1994 federal income tax return showing $70,000 in taxable
income. During 1994, Tom's daughter Laura, age 16, resided with Tom. Laura had no income of her own
and was Tom's dependent.
Determine the amount of income or loss, if any that should be included on page one of the Moores' 1994
Form 1040.
Tom received $10,000, consisting of $5,000 each of principal and interest, when he redeemed a Series
EE savings bond in 1994. The bond was issued in his name in 1990 and the proceeds were used to pay
for Laura's college tuition. Tom had not elected to report the yearly increases in the value of the bond.
A. $500
B. $1,500
C. $900
D. $10,000
E. $1,000
F. $25,000
G. $0
H. $2,000
I. $3,000
J. $1,250
K. $55,000
L. $2,500
M. $1,300
N. $50,000
O. $75,000
Answer: G
Explanation:
Explanation
"A" is correct. $0. Generally, if a taxpayer does not make an election to accrue interest income from
Series EE bonds, the interest is taxable at the time the bonds are cashed. However, an exception applies
in this case because Tom Moore meets the criteria (assume he was 24 years or older in 1990). Savings
bonds is tax-exempt when:
(1) It is used to pay for qualified higher-education expenses for the taxpayer, spouse, or dependents;
(2) There is taxpayer or joint ownership with spouse;
(3) The taxpayer is age 24 (or over) when the bonds are issued; and
(4) The bonds are acquired after 1989.
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