Dan and Bailey are joint filers on the Federal return, but wish to file separate California returns. Under which scenario isthis possible?If Dan is a nonresident and lacks California-source incomeIt is not possible because the filing status for California must be congruent to the status chosen on the Federal returnThis can be done voluntarily without any need for scenario-specific rulesIf Bailey is a nonresident alien, regardless of where she is domiciled.

Federal Income Tax -The United States government's primary source of funding is the federal income…

Answered: Dan and Bailey are joint filers on the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(6).
Sebastian and Sunny are married. They are currently contemplating filing as married filing separately. Under current law, spouses filing separately must A) use the standard deduction if the other spouse uses the itemized deductions or vice versa. B) both use standard deduction. C) both use itemized deductions. D) either both use itemized deductions, or both use standard deduction.
Which one of the following statements describes the consequences of using the filing status 'married filing jointly'? A spouse may not be held responsible for tax if that spouse had no income. The tax rates are generally more favorable than that of two single individuals if one has high income and the other has low income. If it is elected on an original return, it may be changed on an amended return.
If you wish to contest a tax deficiency, but pay the tax and file a claim and that claim is denied and now you file suit, you must file your petition in: a. US Court of Appeals b. US Supreme Court c. 14th judicial district court (Calcasieu Parish) d. US Tax Court e. US District Court
Why might real estate be omitted from an inventory of estate property? Multiple Choice Real estate is subject to a separate inheritance tax. State laws require a separate listing of all real estate. In some states, depending on the ownership, real estate is considered to be conveyed directly to a beneficiary at the time of death. State laws prohibit real property from being conveyed by an estate.
Julia and Maria are registered domestic partners filing jointly for California tax purposes. Their combined Form 540, line 19, taxable income is $73,721. What is their tax to be entered on line 31 if using the tax table? $4,108 $2,060 $2,578 $2,154 Julia and Maria are registered domestic partners filing jointly for California tax purposes. Their combined Form 540, line 19, taxable income is $73,721. What is their tax to be entered on line 31 if using the tax rate schedule? (round your answer) $3,528 $2,061 $2,398 $2,155
48 Inday, a resident of Manila City is the executor of Nicanor, a Filipino migrant in Canada. Nicanor’s home province in the Philippines is Pampanga while the property is located in Cebu City. In processing Nicanor’s estate, the estate tax return shall be filed in: Group of answer choices Office of the Commissioner thru RDO 39-South Quezon City Manila City Cebu City Pampanga
Please answer ASAP. Thank you Boston files his lawsuit against Mallory in a South Dakota state court, the state where he resides. Mallory is a resident of North Dakota. The case has a claim at stake worth $100,000. What right, if any, does Mallory have in this case, jurisdictionally? Multiple Choice Mallory can have the case moved to federal court only if the state trial court judge grants permission at his or her discretion. Mallory can have the case moved to federal court only if federal jurisdiction question is involved. Mallory has no choice, and the case will stay in state court. Mallory as the defendant has a right to move the case to federal court under the process of removal jurisdiction Mallory can ask the federal court to hear the case. However, it does not have to hear the case since the amount in controversy is over $75,000.
A taxpayer who sells his or her principal residence at a realized loss can elect to recognize the loss even if a qualified residence is not acquired during the statutory time period True False
Lewis, age 26, and Oneida, age 25, are married and will file a joint return. They cannot be claimed as dependents by another taxpayer. Lewis and Oneida have no children or other dependents. Both work and neither are full-time students. Lewis earned wages of $15,400 and Oneida earned wages of $5,600. Lewis and Oneida are U.S. citizens and have valid Social Security numbers. Lewis and Oneida have investment income of $5,000. 4. The maximum amount of investment income that Lewis and Oneida can have to qualify for the Earned Income Tax Credit is $ ____________.
One of the following statements is correct. Which is it? In the preparation of the donor’s tax return: Dowries are shown as deductions from the gross gifts. Dowries are not shown any more as gross gifts and as deductions. Spouses making donations of conjugal community property prepare one donor’s tax return. Donor’s tax on donations to strangers and to non-strangers are computed and shown in separate returns.
A U.S. citizen who is married to a nonresident alien can file a joint return as long as both spouses: O Are living overseas and do not lan Have valid Social Security numbers. Sign the return and agree to be taxed on their worldwide income. Are physically present in the U.S.

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