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Tax Credits & Property Transactions Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Who qualifies for the Child and Dependent Care Credit?

Question 2 2. What is a tax credit?

Question 3 3. For the Child and Dependent Care Credit, which of the filing statuses is not acceptable?

Question 4 4. Which of the following tax credits should you apply for if you are working but don't earn that much?

Question 5 5. How much credit can the Lifetime Learning Credit give you?

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Question 6 6. What is the minimum real estate ownership period to qualify for long term capital gains tax rates?

Question 7 7. What money is capital gains tax paid on?

Question 8 8. What is the withholding rate for real estate sellers subject to FIRPTA?

Question 9 9. Which of the following describes short term capital gains tax rates?

Question 10 10. How much in capital gains can a married filing jointly couple exclude from taxation?

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Question 11 11. What is the purpose of a 1031 exchange?

Question 12 12. What is a tax shelter?

Question 13 13. What impact does depreciation have on real estate taxation?

Question 14 14. Which of the following happens if a taxpayer has passive losses but exceeds the allowable limit for that year?

Question 15 15. Which of the following considerations does the IRS use to define a real estate professional?

Tax Credits & Property Transactions Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Accounting 307: Federal Income Taxes  /  Business Courses
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