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Which one of the following statements is true of returns filed by married persons filing jointly?

	a.	Each spouse is liable for one-half the tax due if there are any deficiencies.
	b.	Once a married couple files a joint return for a year, they may not switch to separate returns after the due date for that return.
	c.	Each spouse is liable for his or her proportional share due, based on percentage of total income, if there are any deficiencies.
	d.	The joint return is available more for convenience than for tax savings

The net investment income tax is generally 3.8% on net investment income. All of the following are types of income are potentially subject to tax except.

	a.	Annuity income received during retirement
	b.	All of the responses here are subject to the net investment income tax
	c.	Interest on a certificate of deposit
	d.	Short-term capital gain on sale of Apple stock
	e.	Interest on a Commonwealth of Massachusetts bond

T has a tax base of $30,000 and pays a tax of $2,500 on the first $25,000 and $750 on the next $5,000. This is an example of what type of tax rate?

	a.	Regressive
	b.	Proportional
	c.	None of the responses here are correct.
	d.	Progressive
	e.	Neutral

In 2022, T, an individual taxpayer, had a net short-term capital loss of $3,000 and a net long-term capital loss of $3,000. The capital loss carryover is:

	a.	$0; losses cannot be carried over.
	b.	$1,500 net short-term and $1,500 net long-term capital loss.
	c.	$3,000 net short-term capital loss.
	d.	$3,000 net long-term capital loss.

During the current year, Uma made a $36,000 contribution to a 529 plan to help cover the cost of an undergraduate degree for Delia, her 15-year-old daughter. Assume that in the year Delia enrolls as a freshman at State University, the balance in the 529 plan has grown to $45,000. If Delia receives an $11,000 distribution to pay for her tuition, she may exclude from her gross income:

Be sure to include your calculations for full credit!

	a.	$0
	b.	$2,200
	c.	$11,000
	d.	$8,800

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