1 pts Robert bought a U.S. Treasury Note on 1/1/2021 for $10,000. The interest rate is 1% per year. The U.S. Treasury

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1 pts
Robert bought a U.S. Treasury Note on 1/1/2021 for
$10,000. The interest rate is 1% per year. The U.S.
Treasury Note pays semi-annual interest on 6/30/2021, and
semi-annual on 12/31/2021. The U.S. Treasury Note will mature
on 12/31/2030. 12/31/2030, Robert will receive the specified
semi-annual interest payment due on 12/31/2030, as well as
the return of his $10,000. How much interest revenue does
Robert recognize in 2021, and includes in his taxable income in
2021?
Group of answer choices
$100
$50
$0
$1,000
89
Raymond purchase a U.S. Government Series EE bond in 2005.
The bond will mature in 2035. Which of the following is true
regarding the taxability of interest that Raymond earns on the bond
for Federal Income Tax Purposes?
Group of answer choices
Every year from 2005 through 2035, Raymond must recognize the
imputed interest that he earns annually on the bond, and report it
on his Federal Income Tax Return.
Raymond has the option to defer reporting the interest that he
earns from the bonds until the bonds mature or are redeemed.
Interest on US Government EE bonds are non-taxable. Raymond does
not report any of the interest that he earns.
Interest on US Government EE bonds is non taxable on the Federal
Income Tax Return, but is considered taxable income on his
California State Income Tax Return, and must be recognized annually
on his California State Income Tax Return.
88.
What is the purpose of the IRS Form 1099-INT?
Group of answer choices
For a borrowing entity to tell the IRS and the taxpayer how much
it earned from the taxpayer in the tax year.
For a stock brokerage to notify the IRS and the taxpayer how
much dividends were paid to the taxpayer
For a stock brokerage to notify the IRS and the taxpayer the
proceeds of all the stock sales made by the taxpayer
For a borrowing entity to tell the IRS and the taxpayer how much
interest was paid to the taxpayer.
91.
On 1/1/2021, Tamara lent Rachel $10,000. Tamara and Rachel
are friends, and this was a personal loan. The stated
interest rate is 2% annual interest. On 6/30/2021, Rachel
paid back Tamara $10,000, and an additional $100 of interest.
How much taxable interest income does Tamara include on her 2021
Federal Income Tax Return?
Group of answer choices
$0, because interest on personal loans in considered non-taxable
income
$100
$10,200
$200
92.
Emily, a U.S. Resident, has bank accounts in foreign
countries. When must she file a Report of Foreign Bank and
Financial Accounts (FBAR) with the U.S. Treasury Deposit?
Group of answer choices
When the taxable interest earned in any foreign bank account
exceeds $10,000 in a year.
When the value in any of her foreign accounts total more than
$10,000 at any time of the year.
When she has any bank accounts outside of the United States
When the value in all her foreign accounts combined total more
than $10,000 at any time during the year.
93
What is the purpose of the IRS Form 1099-DIV?
Group of answer choices
For the taxpayer to report to the IRS how much dividends the
taxpayer received in a tax year.
For the taxpayer to determine the amount of short term capital
gain and long term capital in the sale of company's stock.
For the company issuing a notice to the IRS how much of a tax
deduction the company will be entitled to take for paying out
dividends to its shareholders.
For the company issuing the dividend to inform the IRS and the
taxpayer how much dividends the company issued to the taxpayer.