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On January 1, 2009, Rob pays $92,550 for corporate bonds that have a $100,000 face value. The bonds were originally issued 10 years earlier for...
1. On January 1, 2009, Rob pays $92,550 for corporate bonds that have a $100,000 face value. The bonds were originally issued 10 years earlier for $94,660. Prior to January 1, 2009, the previous owner had included $3,100 of original issue discount (OID) in gross income. On January 1, 2009, the amortized carrying value of the bonds is: a. $95,650. b. $92,550. c. $96,900. d. $93,800. e. $97,760. Answer: _____ 2. On August 1 of the current year, an unmarried taxpayer retires and begins receiving monthly pension checks in the amount of $2,200. During her working years, the taxpayer contributed $5,720 to her employer's pension plan with after-tax dollars. Using the taxpayer's age at the time the payments begin, the taxpayer's number of expected monthly payments is 260. Of the $11,000 in pension benefits the taxpayer received during the current year, what amount must she include in gross income? a. $0. b. $5,280. c. $10,890. d. $3,080. e. $11,000. Answer: _____ 3. Several years ago, an unmarried taxpayer retired and began receiving monthly pension checks in the amount of $2,200. During his working years, the taxpayer contributed $52,000 to his employer's pension plan with after-tax dollars. Using the taxpayer's age at the time the payments begin, according to the IRS tables, the taxpayer's number of expected monthly payments were 260. After receiving 90 payments, the taxpayer dies. What amount can the taxpayer deduct on his final tax return? a. $18,000. b. $52,000. c. $0. d. $34,000. e. $26,000. Answer: _____
