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Which taxpayer would benefit the most from a tax$-$free municipal bond compared to a taxable bond?

a$.$ A taxpayer whose only income is from Social Security

b$.$ The average low$-$income worker

c$.$ A taxpayer who won a mega$-$million$-$dollar lottery

d$.$ All taxpayers equally benefit from the tax$-$free municipal bond.

Nicole is a student at USB Law School where she receives a $$52,000$ scholarship. Of the $$52,000,$$$40,000$ tuition, $$5,000$ is used for books, and $$7,000$ is used for room and board. How much of the scholarship is excl taxable income for Nicole?

a$.$ $$7,000$

b$.$ $$47,000$

c$.$ $$45,000$

d$.$ $$5,000$

Daniel transferred a rental house, worth $$250,000,$ to his sister, Celia. Daniel's tax basis in the house is amount of gain must Daniel recognize on the property transfer? After the transfer, what is Celia's tax basis property?

a$.$ $$0$ and $$250,000$

b$.$ $$0$ and $$80,000$

c$.$ $$170,000$ and $$170,000$

d$.$ $$170,000$ and $$250,000$

For the current year, the maximum percentage of Social Security benefits that might be included in income is

a$.65\%$

b$.100\%$

c$.85\%$

d$.50\%$

Which of the following would be a qualified dividend?

a$.$ A dividend payment from British corporation's stock held for $120$ days.

b$.$ A dividend payment from a U$.$S$.$ corporation's stock held for more than $30$ days.

c$.$ A dividend payment from a U$.$S$.$ corporation's stock held for more than $60$ days.

d$.$ A dividend payment from a U$.$S$.$ or Canadian corporation's stock held for $60$ days or more.

If alimony is paid for a divorce that occurred after $\frac{12}{31}\frac{?}{18},$ which of the following is true?

a$.$ The alimony is taxable to the recipient and deductible to the payee.

b$.$ The alimony is non$-$taxable to the recipient and deductible to the payee.

c$.$ The alimony is non$-$taxable to the recipient and not deductible to the payee.

d$.$ The alimony is taxable to the recipient and not deductible to the payee.

Which of the following would be a non$-$taxable benefit to an employee?

a$.$ A discount on a product that brings the selling price below the cost of goods sold.

b$.$ A $$100$ gift card received for being employee of the month.

c$.$ A free membership to the gym on the employer's site.

d$.$ A cash allowance for lunches at local restaurants.

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