Reference no: EM132597338
Question 1: When canceled debt is jointly held by both spouses:
A. Each spouse will be responsible for one-half of the canceled debt, and they will each complete a Insolvency Worksheet with all of their separate liabilities and assets only.
B. They may choose to file married filing separately, as this may provide a greater reduction of canceled debt income.
C. A single Insolvency Worksheet can be completed showing all of their liabilities and assets.
D. Each spouse will be responsible for one-half of the canceled debt, and they will each complete a Insolvency Worksheet with one-half of their joint liabilities and assets.
Question 2: Which of the following is an example of an exempt organization that may be subject to unrelated business income tax?
A. A college bookstore that sells collegiate clothing.
B. A hospital gift shop that sells flowers.
C. A church that rents its non-debt financed basement to a for-profit organization monthly
D. An animal shelter that sells pet food.
Question 3: Which of the following is excluded from unrelated business income of a social club?
A. Dividends.
B. Real property rents.
C. Personal property rents.
D. Dues from members.
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