This document provides the questions and answers to ACC 307 Midterm Exam. It contains 100% correct answers to two sets of multiple choice questions that test accounting concepts related to taxation. The document aims to help students prepare for and pass their midterm exam by accessing the tutorial link provided which contains all the questions and answers. It covers topics like adjusted gross income, filing status, deductions, capital gains, depreciation, and more.
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
ACC 565 Effective Communication - tutorialrank.comBartholomew4
For more course tutorials visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000.
For more classes visit
www.snaptutorial.com
Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Question 2.2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy e
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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income
Acc 565 Effective Communication / snaptutorial.comBaileyab
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
Jackson and Tanker Corporations are members of an affiliated group. The two corporations have been affiliated since they were formed last year. Both corporations have always used a calendar year as their tax year. Tanker, the
For more course tutorials visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
ACC 565 Effective Communication - tutorialrank.comBartholomew4
For more course tutorials visit
www.tutorialrank.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion
For more course tutorials visit
www.newtonhelp.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000.
For more classes visit
www.snaptutorial.com
Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Question 2.2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy e
For more classes visit
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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
For more course tutorials visit
uophelp.com is now newtonhelp.com
www.newtonhelp.com
Please check the Details Below
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income
Acc 565 Effective Communication / snaptutorial.comBaileyab
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
Jackson and Tanker Corporations are members of an affiliated group. The two corporations have been affiliated since they were formed last year. Both corporations have always used a calendar year as their tax year. Tanker, the
For more course tutorials visit
www.tutorialrank.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
Multiple choice Tax QuestionsPeter and Eileen are marrie.docxadelaidefarmer322
Multiple choice Tax Questions
Peter and Eileen are married and live in a common law state. Peter wants to make gifts to their five children in 2009. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A) $60,000.
B) $65,000.
C) $120,000.
D) $130,000.
E) None of the above.
2.
Which is a primary source of tax law?
A) J. W. Yarbo v. Comm., 737 F.2d 479 (CA-5, 1984).
B) Article by a Federal judge in Harvard Law Review.
C) Technical Advice Memoranda.
D) Letter ruling.
E) All of the above are primary sources.
3.
Jerry purchased a U.S. Series EE savings bond for $279. The bond has a maturity value in 10 years of $500 and yields 6% interest. This is the first Series EE bond that Jerry has ever owned.
A) Jerry must report the interest income each year using the original issue discount rules.
B) Jerry can report all of the $221 interest income in the year the bond matures.
C) The interest on the bonds is exempt from Federal income tax.
D) Jerry must report ($500 – $279)/10 = $22.10 interest income each year he owns the bond.
E) None of the above.
4.
Home Office, Inc., leased a copying machine to a new customer on December 27, 2009. The machine was to rent for $500 per month for a period of 36 months beginning January 1, 2010. The customer was required to pay the first and last month’s rent at the time the lease was signed. The customer also was required to pay an $800 damage deposit. Home Office must recognize as income for the lease:
A) $1,000 in 2009, if Home Office is an accrual basis taxpayer.
B) $1,000 in 2010, if Home Office is a cash basis taxpayer.
C) $1,800 in 2009, if Home Office is a cash basis taxpayer.
D) $0 in 2009, if Home Office is an accrual basis taxpayer.
E) None of the above.
5.
Kathy operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $600 ($600/24 = $25 per month). Cash payment is required at the beginning of the membership period.
On July 1, 2009, Kathy sold a one-year membership and a two-year membership.
I.
If Kathy is a cash basis taxpayer, her 2009 gross income from the contracts is $960 ($360 + $600).
II.
If Kathy is an accrual basis taxpayer, her 2009 gross income from the contracts is $330 [(6/12 $360) + (6/24 $600)].
III.
If Kathy is an accrual basis taxpayer, her 2010 gross income from the contracts is $630 [(6/12)($360) + $450].
A) Only I is true.
B) Only I and II are true.
C) Only II and III are true.
D) I, II, and III are true.
E) None of the above.
6.
Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months.
After he received the doctor’s diagnosis, Ben cashed in his life insurance policy to pay some medical bills.
Ben had paid $12,000 in premiums on the policy, and he collected $50,000, the cash surrender value .
Legal InfluencesDo we have too many laws Does the existence o.docxSHIVA101531
Legal Influences
Do we have too many laws? Does the existence of so many laws and regulations hinder or help American Business today. Feel free to give examples of some “stupid” laws! Have fun with this discussion!
Unions and Video Surfing!
Please go to You Tube, bing.com videos, or any Video sharing web site and add the Key Word: "Unions”
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1 In a paper of at least two and not more than three, double spaced pages, no Title Page, tell me what video you viewed.
2 Make sure that you provide the Internet address and the Title on what you viewed.
3 Explain what you viewed and what you learned.
4 You may supplement your viewing with any other information or your opinion.
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Chapter 1
26. LO.4, 5 A question on a state income tax return asks the taxpayer if he or she made any out-of-state Internet or mail-order catalog purchases during the year. The question requires a yes or no answer, and if the taxpayer answers yes, the amount of such purchases is to be listed.
a. Does such an inquiry have any relevance to the state income tax? If not, why is it being asked?
b. Your client, Harriet, wants to leave the question unanswered. As the preparer of her return, how do your respond?
36.LO.5 Assess the probability of an audit in each of the following independent situations:
a. As a result of a jury trial, Linda was awarded $3.5 million because of job discrimination. The award included $3 million for punitive damages.
b. Mel operates a combination check-cashing service and pawnshop.
c. Jayden, a self-employed trial lawyer, routinely files a Schedule C (Form 1040) that, due to large dedcti8ons, reports little (if any) profit from his practice.
d. Bernard is the head server at an upscale restaurant and recently paid $1.8 million for a residence in an exclusive gated community.
42.LO.5, 6 On a Federal income tax return filed five years ago, any inadvertently omitted a large amount of gross income.
a. Andy seeks your advice as to whether the IRS is barred from assessing additional income tax in the event he is audited. What is your advice?
b. Would your advice differ if you were the person who prepared the return in question? Explain.
c. Suppose Andy asks you to prepare his current year’s return. Would you do so? Explain.
50. LO.7, 8 Discuss the probable justification for each of the following aspects of the tax law:
a. A tax credit is allowed for amounts spent to furnish care for minor children while the parents work.
b. Deductions for interest on home mortgage and property taxes on personal residence.
c. The income splitting benefits of filing a joint return.
d. Gambling losses in excess of gambling gains.
e. Net operating losses of a current year can be carried back to profitable years.
f. A taxpayer who sells pr ...
Peter and Eileen are married and live in a common law state. Peter.docxherbertwilson5999
Peter and Eileen are married and live in a common law state. Peter wants to make gifts to their five children in 2009. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A) $60,000.
B) $65,000.
C) $120,000.
D) $130,000.
E) None of the above.
2.
Which is a primary source of tax law?
A) J. W. Yarbo v. Comm., 737 F.2d 479 (CA-5, 1984).
B) Article by a Federal judge in Harvard Law Review.
C) Technical Advice Memoranda.
D) Letter ruling.
E) All of the above are primary sources.
3.
Jerry purchased a U.S. Series EE savings bond for $279. The bond has a maturity value in 10 years of $500 and yields 6% interest. This is the first Series EE bond that Jerry has ever owned.
A) Jerry must report the interest income each year using the original issue discount rules.
B) Jerry can report all of the $221 interest income in the year the bond matures.
C) The interest on the bonds is exempt from Federal income tax.
D) Jerry must report ($500 – $279)/10 = $22.10 interest income each year he owns the bond.
E) None of the above.
4.
Home Office, Inc., leased a copying machine to a new customer on December 27, 2009. The machine was to rent for $500 per month for a period of 36 months beginning January 1, 2010. The customer was required to pay the first and last month’s rent at the time the lease was signed. The customer also was required to pay an $800 damage deposit. Home Office must recognize as income for the lease:
A) $1,000 in 2009, if Home Office is an accrual basis taxpayer.
B) $1,000 in 2010, if Home Office is a cash basis taxpayer.
C) $1,800 in 2009, if Home Office is a cash basis taxpayer.
D) $0 in 2009, if Home Office is an accrual basis taxpayer.
E) None of the above.
5.
Kathy operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $600 ($600/24 = $25 per month). Cash payment is required at the beginning of the membership period. On July 1, 2009, Kathy sold a one-year membership and a two-year membership.
I. If Kathy is a cash basis taxpayer, her 2009 gross income from the contracts is $960 ($360 + $600).
II. If Kathy is an accrual basis taxpayer, her 2009 gross income from the contracts is $330 [(6/12 $360) + (6/24 $600)].
III. If Kathy is an accrual basis taxpayer, her 2010 gross income from the contracts is $630 [(6/12)($360) + $450].
A) Only I is true.
B) Only I and II are true.
C) Only II and III are true.
D) I, II, and III are true.
E) None of the above.
6.
Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months. After he received the doctor’s diagnosis, Ben cashed in his life insurance policy to pay some medical bills. Ben had paid $12,000 in premiums on the policy, and he collected $50,000, the cash surrender value of the policy. Henry enjoys excellent health, but he cashed in his life insur.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
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Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
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Acc 307 midterm exam 100% correct answers
1. ACC 307 Midterm Exam 100% Correct Answers
Follow Link Below To Get Tutorial
https://homeworklance.com/downloads/acc-307-midterm-exam-100-correct-answers/
Description:
Question 1
A characteristic of FUTA is that:
• Question 2
Which of the following statements best describes the history of the Federal income tax?
• Question 3
Taxes not imposed by the Federal government include:
• Question 4
A VAT (value added tax):
• Question 5
Which of the following transactions will decrease a taxing jurisdiction’s ad valorem tax revenue
imposed on real estate?
• Question 6
In 2013, Cindy had the following transactions:
Salary $90,000
Short-term capital gain from a stock investment 4,000
Moving expense to change jobs (11,000)
Received repayment of $20,000 loan she made to her sister in 2009 (includes no interest)
20,000
State income taxes (5,000)
2.
Cindy’s AGI is:
• Question 7
Millie, age 80, is supported during the current year as follows:
Percent of Support
Weston (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 8
Which of the following is a deduction for AGI?
• Question 9
Emily, 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 10
Which of the following items is deductible?
• Question 11
3. Our tax laws encourage taxpayers to ____ assets that have appreciated in value and ____ assets
that have declined in value.
• Question 12
Harry and Wanda were married in Texas, a community property state, but moved to Virginia, a
common law state. The calculation of their income on a joint return:
• Question 13
Sarah, a majority shareholder in Teal, Inc., made a $200,000 interest-free loan to the corporation.
Sarah is not an employee of the corporation.
• Question 14
The purpose of the tax rules that apply to below-market loans between family members is to:
• Question 15
Margaret owns land that appreciates at the rate of 10% each year. Ralph owns a zero coupon
(i.e., all of the interest is paid at maturity but is taxed annually) corporate bond with a yield to
maturity of 10%. At the end of 10 years, the bond will mature and the land will be sold. At the
end of the 10 years,
• Question 16
The exclusion of interest on educational savings bonds:
• Question 17
Employees of the Valley Country Club are allowed to use the golf course without charge before
and after working hours on Mondays, when the number of players on the course is at its lowest.
Tom, an employee of the country club played 40 rounds of golf during the year at no charge
when the non-employee charge was $20 per round.
• Question 18
The Royal Motor Company manufactures automobiles. Employees of the company can buy a
new automobile for Royal’s cost plus 2%. The automobiles are sold to dealers at cost plus 20%.
Generally, employees of Local Dealer, Inc., are allowed to buy a new automobile from the
company at the dealer’s cost. Officers of Local Dealer are allowed to use a company vehicle (for
personal use) at no cost.
• Question 19
4. Jena is a full-time undergraduate student at State University and is claimed by her parents as a
dependent. Her only source of income is a $10,000 athletic scholarship ($1,000 for books,
$5,500 tuition, $500 student activity fee, and $3,000 room and board). Jena’s gross income for
the year is:
• Question 20
Olaf was injured in an automobile accident and received $25,000 for his physical injury, $50,000
for his loss of income, and $10,000 punitive damages. As a result of the award, the amount Olaf
must include in gross income is:
ACC 307 Midterm Exam Set 2
• Question 1
In January, Lance sold stock with a cost basis of $26,000 to his brother, James, for $24,000, the
fair market value of the stock on the date of sale. Five months later, James sold the same stock
through his broker for $27,000. What is the tax effect of these transactions?
• Question 2
Tommy, an automobile mechanic employed by an auto dealership, is considering opening a fast
food franchise. If Tommy decides not to acquire the fast food franchise, any investigation
expenses are:
• Question 3
Payments by a cash basis taxpayer of capital expenditures:
• Question 4
Which of the following is not deductible?
• Question 5
Velma and Bud divorced. Velma’s attorney fee of $5,000 is allocated as follows:
General representation in obtaining the divorce $1,500
Services in obtaining custody of the child 900
5. Services in settlement of martial property 600
Determining the tax consequences of:
Dependency deduction for child 700
Property settlement 1,300
Of the $5,000 Velma pays to her attorney, the amount she may deduct as an itemized deduction
is:
• Question 6
Five years ago, Tom loaned his son John $20,000 to start a business. A note was executed with
an interest rate of 8%, which is the Federal rate. The note required monthly payments of the
interest with the $20,000 due at the end of ten years. John always made the interest payments
until last year. During the current year, John notified his father that he was bankrupt and would
not be able to repay the $20,000 or the accrued interest of $1,800. Tom is an accrual basis
taxpayer whose only income is salary and interest income. The proper treatment for the
nonpayment of the note is:
• Question 7
Jed is an electrician. Jed and his wife are accrual basis taxpayers and file a joint return. Jed
wired a new house for Alison and billed her $15,000. Alison paid Jed $10,000 and refused to
pay the remainder of the bill, claiming the fee to be exorbitant. Jed took Alison to Small Claims
Court for the unpaid amount and was awarded a $2,000 judgement. Jed was able to collect the
judgement but not the remainder of the bill from Alison. What amount of loss may Jed deduct in
the current year?
• Question 8
Norm’s car, which he uses 100% for personal purposes, was completely destroyed in an accident
in 2013. The car’s adjusted basis at the time of the accident was $13,000. Its fair market value
was $10,000. The car was covered by a $2,000 deductible insurance policy. Norm did not file a
claim against the insurance policy because of a fear that reporting the accident would result in a
substantial increase in his insurance rates. His adjusted gross income was $14,000 (before
considering the loss). What is Norm’s deductible loss?
• Question 9
Which of the following events would produce a deductible loss?
6. • Question 10
Ivory, Inc., has taxable income of $600,000 and qualified production activities income (QPAI) of
$700,000 in 2013. Ivory’s domestic production activities deduction is:
• Question 11
Bhaskar purchased a new factory building on September 10, 2013, for $3,700,000. Five hundred
thousand of the purchase price was allocated to the land. He elected the alternative depreciation
system (ADS). Determine the cost recovery deduction for 2014.
• Question 12
Howard’s business is raising and harvesting peaches. On March 10, 2013, Howard purchased
10,000 new peach trees at a cost of $60,000. Howard does not elect to expense assets under §
179. If eligible, Howard takes additional first-year depreciation. Determine the cost recovery
deduction for 2013.
• Question 13
James purchased a new business asset (three-year property) on July 23, 2013, at a cost of
$40,000. James takes additional first-year depreciation. Determine the cost recovery deduction
for
• Question 14
Alice purchased office furniture on September 20, 2012, for $100,000. On October 10, 2012, she
purchased business computers for $80,000. Alice placed all of the assets in service on January
15, 2013. Alice did not elect to expense any of the assets under § 179, nor did she elect straight-
line cost recovery. She did not take additional first-year depreciation. Determine the cost
recovery deduction for the business assets for 2013.
• Question 15
Diane purchased a factory building on April 15, 1993, for $5,000,000. She sells the factory
building on February 2, 2013. Determine the cost recovery deduction for the year of the sale.