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?

You operate a business and file your tax return on a calendar-year basis. You bought a f‌ire insurance policy on your building effective September 1, 2007, and paid a premium of $6000 for 2 years of coverage. How much can you deduct in your 2007 return?

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.

Klein has taken care of his married daughter for more 9 months in this tax year and has also paid more than half of her expenses. At the end of the year, she f‌iles a joint return with her husband as a married person. Klein can also claim her as his dependent.