1. Justin and Juna, ages 44 and 38, are married and file a joint return. In addition to having THREE dependent children (Jennifer, Joyce, and Jacqueline), Justin and Juna have adjusted gross income (“AGI”) of $85,000 and itemized deductions of $20,000. What is their taxable income for 2013?

$85,000
$65,000
$53,300
$45,500

2. In 2013, Alan, age 16, will have $300 of interest from a certificate of deposit and $5,000 from working as a waiter. Assume Alan is claimed by his parents as a dependent. What is Alan’s standard deduction for 2013?

$300
$1,000
$5,350
$6,100

3. What is Carlita’s taxable income for 2013? Assume she is single and claimed TWO dependent children, Chase and Cassandra. Assume further that Carlita’s AGI is $50,000 and that her itemized deductions are $10,000.

$50,000
$40,000
$32,200
$28,300

What is Daenne’s Taxable Income for 2013? Assume she is 45 years old and is single and has no dependents. Assume further that Daenne’s AGI is $60,000 and that she made a charitable contribution of $1,000 (which would be her only itemized deduction).

$60,000
$59,000
$55,100
$50,000

A few years ago, Ami and Alicia formed a partnership called “A-SQUARED.” Which of the following is most likely TRUE regarding the U.S. income taxation of Ami, Alicia and A-SQUARED?

The A-SQUARED entity is NOT required to pay income taxes
The A-SQUARED entity is NOT required to file an informational tax return
Alicia and Ami are NOT required to pay taxes on their respective shares of A-SQUARED’s income unless (and until) A-SQUARED distributes its earnings to them
All of the above

Which doctrine will most likely prevent Sandra from reducing her tax liability by voluntarily assigning her income to another taxpayer?

a. The constructive receipt doctrine
b. The fruit-of-the-tree doctrine
c. The economic benefit doctrine
d. None of the above

During 2013, Carlos was supported by his three wealthy CPA daughters, in the following…