Answers will be posted in responses section in about 1 week.

This is for my own review and organization of class notes for a tax course I am taking right now.

1 where is taxable interest income reported on a tax return?
2 at what amount must interest income be reported on form 1040 schedule B or form 1040A schedule 1?
3 What other situation requires the completion of schedule B or Schedule 1?
4 Where is a penalty for early withdraw of savings reported on the form 1099-INT?
5 Is interest received on US treasury obligations taxable on state and/or local returns?
6 A taxpayer received $1800 taxable interest and $200 municipal bond interest. He received a 1099-INT for the municipal bond interest. What procedure would you follow for the municipal bond interest?
7 A taxpayer received a form 1099-DIV showing $200 of ordinary dividends in box 1a and $100 in box 1b. Where is the box 1a amount entered on the tax return?
8 How about the amount on 1b?
9 How do qualified dividends differ from ordinary dividends?
10 Suppose the taxpayer's form 1099-DIV also showed $80 capital gains distributions in box 2a. Where is this amount entered on the tax return?
11 Where are non taxable distributions, shown on box 3 of form 1099-DIV, reported?
12 What types of taxpayers will require the qualified dividends and capital gains tax worksheet line 44?
13 Refer to the Dasen example on page 4.16. How much did Sven and Ingred Dasen save in tax and why?
14 What are the two types of property?
15 What are the two classifications of personal type property?
16 What are the 4 ways in which property can be used?
17 Give some examples of business use tangible personal property.
18 Give some examples of business use real property.
19 What are capital assets?
20 What difference does it make if an asset is a capital asset?
21 What qualifies as long term?
22 Define basis.
23 What is the basis of purchased property?
24 When a taxpayer buys a new home, certain closing costs may be added to the basis. What are some of them?
25 The cost of restoration after a casualty minus "something" can be added to the basis to find the adjusted basis. What is the "something" that must be substracted from the cost of restoration?
26 Where are sales and exchanges of capital assets reported if held
a) short term
b) long term
27 How is the holding period measured for property acquired by inheritance?
28 How is a gain or loss computed?
29 A taxpayer who otherwise qualifies for the EITC recognizes $3000 in net capital gains. What effect does this have on the EITC?
30 The top marginal tax rate for 2007 is 35%. For most capital assets sold in 2007, what is the maximum rate for long term capital gains?
31 A taxpayer purchased a capital asset (not a collectable) on May 26, 2006. If he sold the asset at a gain on May 26 2007, and sold no others during the year, at what rate would his capital gain be taxed? His marginal rate is 33%.
32 If he sold the asset on May 27, 2007, at what rate would his capital gain be taxed?
33 Now suppose the taxpayer is in the 15% tax bracket. What is his maximum long term capital gains tax rate now?
34 Put the taxpayer back in the 33% tax brakcet. The asset is now a rare swiss coin. What is the maximum long term capital gains tax rate for this asset?
35 Gains are taxable regardless of the use of the property. Are losses deductable regardless of property use?
36 What is the one kind of loss on personal use property which is allowed?
37 What is the maximum net capital loss that a taxpayer may deduct in one year?
38 What happens if a taxpayer has more capital losses than he can claim in one year?
39 How are sales of stock usually reported to a taxpayer?
40 What does a recognized exchange call the date the proceeds are received? The date of purchase? Date of sale?
41 How do sales commissions affect the sales of stock?
42 On what form are certain real estate transactions reported to the taxpayer?
43 Will every real estate transaction result in a 1099-S being issued?
44 Are scholarships and fellowships taxable?
45 Are taxable scholarships and fellowships not reported on form W-2 considered to be earned income?
46 A student received $5000 in scholarships which is not reported on a W-2. She spent $3000 of the money for tuition and $2000 for room and board at her college where she is a degree candidate. What are the tax consequences?
47 Under what circumstances are gross gambling winnings taxable?
48 On which line of form 1040 are gambling winnings reported?
49 May form 1040A be used to report gambling winnings?
50 Are gambling losses deductable anywhere?
51 Aside from those already mentioned, name some types of miscellaneous taxable income.
52 Name some types of non taxable income.