Debbie Edwards, a U.S. citizen using the calendar year as her tax year and making Italy her tax home, became a bona fide resident of Italy on November 3, 2013. Her salary in 2015 is 148,000. How much of her salary is susbject to U.S. tax? (Points : 5)

46,800 47,200 46,825 44,200

Question 2.2.(TCO 8) Mr. and Mrs. Jones filed a complete and accurate return for 2014 on April 14, 2015. When will the statute of limitations expire for their 2013 return? (Points : 5)

April 15, 2019 April 15, 2018 August 15, 2016 October 14, 2015

Question 3.3.(TCO 9) Which of the following statements best describes the definition of taxable income from business operations? (Points : 5)

Gross income from the sales of goods or performance of services less allowable deductions Revenues from business transactions less expenses Gross income from whatever source derived less expenses None of the above

Question 4.4.(TCO 10) Which of the following statements about tax basis is false? (Points : 5)

The tax basis in an asset can never be negative. Tax basis represents the taxpayer's unrecovered dollars invested in the asset. Every asset owned by the taxpayer has a tax basis. Tax basis reflects the assets fair market value.

Question 5.5.(TCO 3) Under the curent law, the child tax credit is refundable to all families with children _____. (Points : 5)

At least 17 years of age Under the age of 17 Over the age of 17 None of the above

Question 6.6.(TCO 1) Which of the following sources of tax law carries the least authority? (Points : 5)

Revenue ruling Treasury regulation Section 736 of the Internal Revenue Code Equal authority for all three

Question 7.7.(TCO 1) Which of the following sources of tax law carries the most authority? (Points : 5)

Revenue procedure Treasury regulation State Supreme Court decision Supreme Court decision

Question 8.8.(TCO 2) The city of Chicago operated at an $865,000 surplus this year. The surplus suggests that the municipal tax system is _____. (Points : 5)

fair efficient sufficient convenient

Question 9.9.(TCO 2) The city of Norland operated at a $12 billion deficit this year. The deficit suggests that Norland's tax system is _____. (Points : 5)

inefficient insufficient unfair inconvenient

Question 10.10.(TCO 1) Treasury Regulations are an example of _____. (Points : 5)

judicial authority statutory authority administrative authority legal authority

Question 11.11.(TCO 1) An example of Treasury regulations are _____. (Points : 5)

judicial authority statutory authority administrative authority legal authority

Question 12.12.(TCO 2) A tax that is based on a persons eye color does not meet the standard that a good tax should be _____. (Points : 5)

sufficient convenient efficient fair

****need answered in 3 hourss****