TAX2000 Midterm Review Questions and Answers Grade A+
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Course
TAX2000
Institution
TAX2000
What are the various IRS Tax forms that must be used to file for each different
taxpayer?
Individual: 1040EZ, 1040A, 1040, 1040X (amendments)
Corporations: 1120, 1120S ( S Corp. status)
Partners: 1065 ( For reporting only, not taxable)
Self-Employed: 1040 ES (Schedule SE and Schedule C)
...
✓ Single, Head of Household, Married filing jointly, Married filing
separately, and Qualifying Widow(er) with a dependent.
What are the passive activity rules for rental properties?
✓ Rental property is considered a passive activity regardless of active
involvement.
✓ - Up to $25,000 of rental loss allowed against ordinary income.
(reduced by 50 cents p/$1 of modified AGI > $100,000.)
✓ -Entire loss may be deducted only if realty is deemed active business.
What is the tax rule for municipal loan interest expense?
✓ Interest income received from municipal bonds is free from federal tax
and in most states and cities they are also free from state and local
taxes.
Dependent care credit? Married filing jointly? Filing separately?
Master01 | October, 2024/2025 | Latest update
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