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ACC 307 Midterm Exam 100% Correct AnswersFollow Link Below To Get Tutorialhttps://homeworklance.com/downloads/acc-307-midterm-exam-100-correct-answers/Description: Question 1A characteristic of FUTA is that:• Question 2Which of the following statements best describes the history of the Federal income tax?• Question 3Taxes not imposed by the Federal government include:• Question 4A VAT (value added tax):• Question 5Which of the following transactions will decrease a taxing jurisdiction’s ad valorem tax revenue imposed on real estate?• Question 6In 2013, Cindy had the following transactions: Salary $90,000Short-term capital gain from a stock investment 4,000Moving expense to change jobs (11,000)Received repayment of $20,000 loan she made to her sister in 2009 (includes no interest) 20,000State income taxes (5,000) Cindy’s AGI is:• Question 7Millie, age 80, is supported during the current year as follows: Percent of SupportWeston (a son) 20%Faith (a daughter) 35%Jake (a cousin) 25%Brayden (unrelated close family friend) 20% During the year, Millie lives in an assisted living facility. Under a multiple support agreement, indicate which parties can qualify to claim Millie as a dependent.• Question 8Which of the following is a deduction for AGI?• Question 9Emily, whose husband died in December 2012, maintains a household in which her dependent mother lives. Which (if any) of the following is her filing status for the tax year 2013? (Note: Emily is the executor of her husband’s estate.)• Question 10Which of the following items is deductible?• Question 11Our tax laws encourage taxpayers to ____ assets that have appreciated in value and ____ assets that have declined in value.• Question 12Harry and Wanda were married in Texas, a community property state, but moved to
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