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All exclusions from gross income are reported on Form 1040.

A) True
B) False

Correct Answer

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Many taxpayers who previously itemized will start claiming the standard deduction when they purchase a home.

A) True
B) False

Correct Answer

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Kim, a resident of Oregon, supports his parents who are residents of Canada but citizens of Korea. Kim can claim a dependent tax credit for his parents.

A) True
B) False

Correct Answer

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Lee, a citizen of Korea, is a resident of the United States. Any rent income Lee receives from land he owns in Korea is not subject to the U.S. income tax.

A) True
B) False

Correct Answer

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For tax purposes, married persons filing separate returns are treated the same as single taxpayers.

A) True
B) False

Correct Answer

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A taxpayer who itemizes uses Schedule A (Form 1040).

A) True
B) False

Correct Answer

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Showing 161 - 166 of 166

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