After Mary's death on August 1, 2007. her estate received the following:
 $50,000 as life insurance proceeds
 $1,000 as interest income from a certif‌icate of deposit that matured on August 5, 2007
 $2,000 as annual royalty on a patent
What amount of taxable income must be reported in the 2007 Income Tax Return for Estate and Trusts (Form 1041)?

Which of the following accounting changes does not require the f‌iling of Form 3115 to request a change in the accounting method?

George could not f‌ile his tax return on April 15th as he was out of the country on an assignment. He can request for an extension of time to pay his taxes within 6 months of the due date by f‌iling Form 4868.

Which of the following is income from passive activity?

Mr.Brain died on July 18, 2007. His taxable estate is worth $900,000. By which date is the filing of Form 706. United States Estate Tax Return, due?

Which of the following incomes is not subject to self-employment tax?

Susan runs a consulting business. The gross receipts for the tax year are $60,000 and the net profit is $45,000. In addition, Susan received $25,000 as wages. She also received stock dividends of $2,000, Municipal Bond interest Of $4,000 and savings account interest of $1,000. What is her adjusted gross income?

A and 8 f‌ile a joint return. They have sold securities in the year 2007 and the sale has resulted in a capital loss of $5792.60. Their taxable income for the year is $58000. How much can they deduct from their income in their joint return?

Jasco Corporation ends its tax year on 31st March. When must they file their income tax return for the year ending March 31st, 2007?

The following data pertains to the sales and collections made by EJH corporation, a cash basis taxpayer, during 2007:

Mr.Terrero let out his basement apartment for 10 days to Mike and he personally used it for 20 days.