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- covers exemptions resulting from the status of the taxpayer and exemptions based on the nature of income OA. Section 10 OB. Section 8 OC Section 1 OD. Section 11 Previous pageQuestion 18 of 30. Distributable net income (excluding tax-exempt int O Serves as the upper limit on the amount of the Inco O Will always equal fiduciary accounting income. O Usually includes capital gains and losses. Is calculated on Schedule A (Form 1041).Question 1: Which of the following appears on the W-3 Form but does not appear on the W-2 Form? Answer: A. O Federal income tax withheld В. O Kind of payer С. Social Security wages D. Dependent care benefits
- Regarding the calculation of realized Gain or Loss, which of the following are true: O A. If the amount realized exceeds the property's adjusted basis, the result is a realized gain. O B. If the property's adjusted basis exceeds the amount realized, the result is a realized loss. O c. The amount realized from a sale or other disposition of property is the sum of any money received (which includes any debt relief) plus the fair market value of other property received. O D. The fair market value is reduced by selling expenses such as advertising, commissions, and legal fees associated with the sale or other disposition. O E. All of the above are true OF. None of these are true OG. A, B are true OH, B, C, D are true OI. A, B, C are true OJ. B & D are true OK. C & D are true12. COMPUTE: Total special deductions 13. COMPUTE: Net taxable estate 14. COMPUTE: Estate tax payableCheck Your Progress 3 Why is it important for taxpayers to recognize the income tax deductions? Answer area
- In question # 35, how much is the total itemized deduction that is used to find taxable income? What is taxable income?Please answer in good accounting form. Thankyou 7. Compute for the taxable income6. Contributions to an IPA may be made by the due date of the individual's income tax return, including any extensions. a. True b. False