In 19X4, Smith, a divorced person, provided over one half the support for his widowed mother, Ruth, and his son, Clay, both of whom are U.S. citizens. During 19X4, Ruth did not live with Smith. She received $9,000 in Social Security benefits. Clay, a 25 year-old full-time graduate student, and his wife lived with Smith. Clay had no income but filed a joint return for 19X4, owing an additional $500 in taxes on his wife's income. How many exemptions was Smith entitled to claim on his 19X4 tax return?

• A. 3
• B. 4
• C. 2
• D. 1

說明：（僅 Fast2test 成員可見）

Adams owns a second residence that is used for both personal and rental purposes. During 2001, Adams used the second residence for 50 days and rented the residence for 200 days. Which of the following statements is correct?

• A. Depreciation may not be deducted on the property under any circumstances.
• B. A rental loss may be deducted if rental-related expenses exceed rental income.
• C. Utilities and maintenance on the property must be divided between personal and rental use.
• D. All mortgage interest and taxes on the property will be deducted to determine the property's net income or loss.

說明：（僅 Fast2test 成員可見）

For a cash basis taxpayer, gain or loss on a year-end sale of listed stock arises on the:

• A. Date of delivery of stock certificate.
• B. Date of receipt of cash proceeds.
• C. Settlement date.
• D. Trade date.

說明：（僅 Fast2test 成員可見）

Cobb, an unmarried individual, had an adjusted gross income of $200,000 in 1990 before any IRA deduction, taxable social security benefits, or passive activity losses. Cobb incurred a loss of $30,000 in 1990 from rental real estate in which he actively participated. What amount of loss attributable to this rental real estate can be used in 1990 as an offset against income from nonpassive sources?

• A. $25,000
• B. $12,500
• C. $30,000
• D. $0

說明：（僅 Fast2test 成員可見）

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.
In 1994, Joan received $3,500 as beneficiary of the death benefit, which was provided by her brother's employer. Joan's brother did not have a nonforfeitable right to receive the money while living.

• A. $1,250
• B. $500
• C. $25,000
• D. $50,000
• E. $1,300
• F. $75,000
• G. $900
• H. $55,000
• I. $2,500
• J. $3,000
• K. $1,000
• L. $10,000
• M. $0
• N. $1,500
• O. $2,000

說明：（僅 Fast2test 成員可見）