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Flashcards: Individual income Tax - Exemptions, Credits, & Deductions

CBI Foundation awarded Karen $65,000 in recognition of lifelong scholarly achievement. Karen was not required to render future services as a condition to receive the $65,000. What condition(s) must have been met for the award to be excluded from Karen’s gross income?

I. Karen was selected for the award by CBI without any action on Karen’s part.
II. Pursuant to Karen’s designation, CBI paid the amount of the award either to a governmental unit or to a charitable organization.

I only.

Both I and II.

Neither I or II.

II only.

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Flashcards: Individual income Tax - Exemptions, Credits, & Deductions

I only.

Both I and II.

Neither I or II.

II only.

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Flashcards: Individual income Tax - Exemptions, Credits, & Deductions

Your answer:

I only.

Your answer:

Neither I or II.

Your answer:

II only.

Correct answer:

Both I and II.

Explanation:

Prizes and awards may be excluded from taxable income, provided (1) the recipient took no action to be selected for the award, and (2) the award is assigned directly to a governmental unit or charitable organization.

Flashcards: Individual income Tax - Exemptions, Credits, & Deductions

Kent bought Series EE U.S. Savings Bonds after 1989. Redemption proceeds will be used for payment of college tuition for Kent’s dependent child. One of the conditions that must be met for the exemption of accumulated interest on these bonds is that the:

Bonds must be transferred to the college for redemption by the college rather than by the owner of the bonds.

Purchaser of the bonds must be the sole owner of the bonds (or joint owner with his or her spouse).

Bonds must be bought by a parent (or both parents) and put in the name of the dependent child.

Bonds must be bought by the owner of the bonds before the owner reaches the age of 24.

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Flashcards: Individual income Tax - Exemptions, Credits, & Deductions

Your answer:

Bonds must be transferred to the college for redemption by the college rather than by the owner of the bonds.

Your answer:

Bonds must be bought by a parent (or both parents) and put in the name of the dependent child.

Your answer:

Bonds must be bought by the owner of the bonds before the owner reaches the age of 24.

Correct answer:

Purchaser of the bonds must be the sole owner of the bonds (or joint owner with his or her spouse).

Explanation:

Series EE Bonds issued after 1989 are must meet several criteria for interest to be tax-exempt: (a) the interest must be used to pay for tuition of the taxpayer, spouse, or dependents; (b) the taxpayer is over age 24 when the bond is issued; (c) a married taxpayer files a joint return; and (d) the taxpayer meets certain income requirements. The bond must be in the taxpayer’s and/or spouse’s name; a child/dependent may only be a beneficiary, not an owner.

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