Introduction To Taxation

1. 
Which of the following should have the least impact on property tax rates?


2. 
To be eligible for the universal exclusion, a couple must have:


3. 
When a seller pays points, for tax purposes this would:


4. 
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?


5. 
The owner of an apartment building would have a number of tax deductions. Which of the following is not a deduction?


6. 
The maximum gift a donor can give to each donee and be exempt from the federal gift tax is:


7. 
You may gain a federal tax advantage by:
8. 
A man traded his commercial property for vacant land. As to this trade, which is a true statement?
9. 
The term "tax roll" refers to:


10. 
Boot in an exchange would be:
11. 
Boot refers to:


12. 
Under the Street Improvement Act of 1911, how long does an owner have to pay the bill after receipt?


13. 
A property owner's tax rate would be set by the:


14. 
For income tax purposes, an income property owner cannot deduct:


15. 
Which of the following is an ad valorem tax?


16. 
Gerald sells his residence for $200,000. He purchased it 12 months ago for $220,000. For tax purposes he has:


17. 
The long term capital gains rate on the gain by a person in a 28 percent tax bracket is:
18. 
Street improvements are assessed based on:
19. 
Ralph builds a swimming pool at his apartment building in order to reduce his vacancy factor. For tax purposes, he may:


20. 
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?
21. 
For a tax-free exchange on Sharon's rental units, she should exchange for:


22. 
Regina's city puts in a sewer line in front of her lot. She can expect a:
23. 
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:


24. 
A buyer does not have to withhold part of the purchase price from a foreign national seller when:


25. 
The federal income tax would be best described as a(n).


26. 
A purchaser at a tax foreclosure sale obtains a:


27. 
Which of the following transfer of a principal residence would result in the reassessment of a property?


28. 
The term tax shelter is associated with:


29. 
A disadvantage of corporations in relation to taxes is:


30. 
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?


31. 
For tax purposes, Paul can depreciate:


32. 
The California sales tax is:


33. 
The party responsible for reporting a sale to the IRS is the:
34. 
By use of a tax shelter, a taxpayer may:


35. 
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?


36. 
The following are not exempt from real property taxation:


37. 
An advantage to a seller of an installment sale is:
38. 
A veteran must apply for tax exemption by:
39. 
The period for redemption for unpaid taxes is:


40. 
Boot in an exchange would be:
41. 
A seller had owned income property for 19 months. The tax on the capital gains upon sale would be:


42. 
Under FIRPTA, how much must the buyer withhold from the sales price when the seller is a U.S. citizen?


43. 
Which proposition allows a property to retain its tax base when it is transferred from parent to child?
44. 
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:


45. 
A tax collector is selling a tax-defaulted property at public auction; the sale:
46. 
A prudent person would be interested in income taxes:
47. 
The unadjusted basis of a taxpayer's residence would be:
48. 
The proposition that allows an elderly homeowner to transfer his or her cost baisis to another home in the same county is:


49. 
A tax on the gross receipts of a broker would be a:


50. 
A foreign seller sold his residence in California for $300,000. How much must the buyer withhold for California tax purposes?


51. 
The capital gains rate for a person in the 10 percent tax bracket for a gain in 2012 would be:


52. 
The adjusted basis of a taxpayer's residence would be:


53. 
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?


54. 
The second installment of the real estate tax is due:


55. 
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:


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