$$8,350$

$$15,950$

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Question $2$ of $75.$

A taxpayer is required by law to provide the payer's name, address, and tax identification number on Schedule B when reporting interest from which of the following sources on their return?

Original issue discount.

Seller$-$financed mortgage.

Frozen deposit.

Certificate of deposit.

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Question $3$ of $75.$

Teresa converted $$10,000$ into Bitcoin in November of $2021.$ In July $2023,$ she noted the value had increased substantially. On July $10$ at $10$:$00$ a$.$m$.,$ she sold all of her holdings for $$30,000$ and used all of it to purchase a new car.

How will Teresa report this on her tax return?

As a short$-$term capital gain of $$20,000.$

As a long$-$term capital gain of $$20,000.$

As $$20,000$ of ordinary income.

As a capital gain or loss, but only after she sells the car.

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Question $4$ of $75.$

All of the following taxpayers were more$-$than$-10\%$ owners of rental property. Which one meets the requirements for active participation?

Grace, who spends four hours per week reviewing reports from property managers to remain informed about her investments.

Isaiah, who receives tenant maintenance requests and hires the appropriate repair company to handle them.

Terrance, whose primary source of income is his rental property but uses a property management company to make day$-$to$-$day decisions about the property.

Samantha, who is a limited partner in a partnership with rental activities.

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Question $5$ of $75.$

On July $1,2022,$ Ivy exercised an incentive stock option $($ISO$)$ granted to her by her employer. Her option enabled her to purchase $150$ shares of stock for $$7$ per share, for a total cost of $$1,050.$ When she exercised her option, the stock was trading at $$11$ per share. She sold the stock in March of $2023$ for $$18$ per share, for a total amount received of $$2,700.$ What amount$($s$)$ does Ivy report on her $2023$ tax return as a result of this transaction?

$$1,650$ compensation.

$$1,050$ compensation; $$600$ short$-$term capital gain.

$$600$ compensation; $$1,050$ short$-$term capital gain.

$$1,650$ short$-$term capital gain.

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Question $6$ of $75.$

In $2023,$ Janine's uninsured car $($personal$-$use property$)$ was damaged in a flood caused by a federally declared disaster. Her adjusted basis in the car was $$13,000.$ Its fair market value just prior to the flood was $$6,000.$ Its fair market value immediately after the flood was $$700.$ What is the amount of Janine's casualty loss prior to considering the per$-$casualty loss limitations or the AGI deduction?

$$5,300$

$$6,000$

$$7,000$

$$13,000$

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Question $7$ of $75.$

In $2023,$ Amanda placed a passenger automobile $($listed property$)$ into service that she used $55\%$ for business purposes. She believes that her business$-$use percentage will drop below $50\%$ in later years. Which of the following is a strategy she can use to avoid being required to recapture depreciation in a later year?

Elect to depreciate the car using the straight$-$line method over an ADS recovery period.

Claim the special depreciation allowance for the full cost of the vehicle in the first year.

Claim a Section $179$ deduction for the full cost of the car in the first year.

Remove the car from service after the end of the first year.

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Question $8$ of $75.$

Which of these types of account ownership is limited to spouses?

Tenancy in common.

Tenancy by the entirety.

Payable on death.

Joint tenancy with rights of survivorship.

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Question $9$ of $75.$

Georgette $($single$,42)$ received $$3,000$ in qualified business income $($QBI$)$ from an S corporation and real estate investment trust $($REIT$)$ dividends of $$600.$ Her only other income was $$55,000$ from wages. Her $2022$ taxable income $($before the QBI deduction$)$ is $$41,150.$ She has no qualified business income or loss carrying forward from any prior year, nor did she receive any qualified REIT dividends or publicly traded partnership income that carries forward from a prior year. How much is her qualified business income deduction?

$$600$

$$720$

$$822$

$$3,600$