Author Question: When preparing a tax return for a short period, the taxpayer should annualize the income if the ... (Read 38 times)

TFauchery · **on:** Sep 13, 2020

Question 1

Emma, a single taxpayer, obtains permission to change from a calendar year to a fiscal year ending June 30, 2016. During the six months ending June 30, 2016, she earns $40,000 and has $8,000 of itemized deductions. What is the amount of her annualized income?
◦ $29,975
◦ $64,000
◦ $59,950
◦ $55,900

Question 2

When preparing a tax return for a short period, the taxpayer should annualize the income if the short period return
◦ is the last return for a decedent who died on June 15.
◦ is the first return for a corporation created on June 1.
◦ is the last return for a partnership, which was terminated on October 12.
◦ is a return for June 1 to December 31, for a corporation changing from a fiscal year to a calendar year.

Briannahope · **Reply #1 on:** Sep 13, 2020

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