Customer Service Chat
Get quote & make Payment
tax, Basic Statistics
_______ 1. F''s share of income from various sources is as follows for the current year:
Source F''s Share of Entity''s Net Income F''s Share of Distributions
ABC Partnership after deducting partner''s salary $ 6,000 $ 9,000
F''s salary from ABC Partnership n/a 30,000
XYZ Corporation, a C corporation 80,000 10,000
Interest from bank savings account 40,000 n/a
F''s A.G.I, (ignoring the deduction for one-half of any self-employment tax) is how much?
________ 2. Which of the following is not true of the gross income test for the dependency exemption (i.e., in testing to determine if the individual is a qualifying relative)?
a. Generally, a dependent''s gross income may not exceed the exemption amount.
b. Gross income is interpreted to mean "gross cash receipts."
c. A child of the taxpayer, under age 24, who is a full-time student at any time during five calendar months of the tax year is exempted from the test.
d. A child of the taxpayer under age 19 is exempted from the test.
________ 3. Fred, 19 years of age and single, is claimed as a dependent on his parents'' return. He has decided not to go to college. The following information is derived from his tax return for 2011:
Taxable interest and dividends $3,600
Salary from part-time job 2,500
Itemized deductions 1,270
Which of the following is false?
a. Fred''s taxable income is $3,300.
b. Fred will not itemize his deductions for the year.
c. $1,700 of the interest and dividends will be taxed at Fred''s parents'' marginal tax rate if it is higher than Fred''s rate.
d. Fred''s standard deduction is $2,800.
4. In which of the following situations would the taxpayer not be considered in constructive receipt of income in 2011? Assume that all of the taxpayers use the cash method of accounting.
a. Al is a self-employed accountant. On December 27, 2011, he received a check for $2,000 for preparing the November financial statements of one of his clients. Due to illness, he was unable to deposit the check until January 5, 2012.
b. Ben entered into a contract to sell his rental property on December 3, 2011. On that date, the down payment, a check for $1,000, was placed in an escrow account. Ben received the check when the transaction closed on January 20, 2012.
c. Sugar Ray fought Rocky on December 25, 2011, a Christmas fight shown on television all over the world. On December 28, the fight promoters gave Sugar Ray''s agent, Leo Luciani, a check for $5 million representing his prize money for the fight. Leo delivered the check to Sugar Ray on January 12, 2012.
d. On December 20, 2011, Mr. Big received stock worth $10,000 as a bonus from the corporation for which he worked. He did not sell the stock until January 5, 2012.
e. All of the taxpayers above are in constructive receipt of the income items.
________ 5. S is a cash basis, calendar year taxpayer (she uses the accrual-method for inventory). She operates Cloth R Us. All of the store''s profits come from the sale of fabric. During the year she paid the following expenses:
1. $3,000 premium for liability insurance covering her business. The coverage runs from December 1, 2011 through November 30, 2014.
2. $10,000 for cloth, all of which is still on hand at the end of the taxable year.
3. $2,000 for "points" related to obtaining a loan for the purchase of her personal residence.
4. $1,200 for "points" related to obtaining a loan on rental property.
S may deduct all of the expense incurred in 2011 for which item(s)?
c. L, 2. and 3.
d. L, 3. and 4.
Posted Date: 5/18/2012 6:00:06 PM | Location : United States
Ask an Expert
tax, Assignment Help, Ask Question on tax, Get Answer, Expert's Help, tax Discussions
Write discussion on tax
Your posts are moderated
Write your message here..
Histogram, difference betwen histogram and historigram
difference betwen histogram and historigram
Determine the upper and lower control limits, You should show your work to ...
You should show your work to earn partial credit. You must show ALL of your work on the pages provided. There should be plenty of room to show your work on the page with each pro
The number of degrees of freedom, Use the given information to find the num...
Use the given information to find the number of degrees of? freedom, the critical values chi Subscript Upper L Superscript 2?2L and chi Subscript Upper R Superscript 2?2R?, and the
What is portfolio ratio, Describe portfolio ratio, i need assignment help i...
Describe portfolio ratio, i need assignment help in portfolio ratio based questions.
Collection method, what is the advantages of face-to-face interview?
what is the advantages of face-to-face interview?
Cost accounting, company foh
Calculate the difference quotient and average velocity, A girl named Alice ...
A girl named Alice fell asleep during a discussion about the difference quotient. She did not think it could possibly have anything to do with real life. While dreaming she saw
one-way anova and hypothesis , Suppose we wanted to compare the somatic co...
Suppose we wanted to compare the somatic complaints (as measured on a scale known as the Physical Symptom Survey or PSS) of three groups of people; nonsmokers, smokers, and people
#title. .decision tree, Assume that you have a client that is a paper manuf...
Assume that you have a client that is a paper manufacturer and they have expressed concern that the government will pass a new regulation banning the use of chlorine-based technolo
Balance sheet test, told my friend I would help on a test, and now, think i...
told my friend I would help on a test, and now, think its beyond me LOL...want to save face, can you help me?
Accounting Assignment Help
Economics Assignment Help
Finance Assignment Help
Statistics Assignment Help
Physics Assignment Help
Chemistry Assignment Help
Math Assignment Help
Biology Assignment Help
English Assignment Help
Management Assignment Help
Engineering Assignment Help
Programming Assignment Help
Computer Science Assignment Help
Why Us ?
~24x7 hrs Support
~Quality of Work
~Time on Delivery
~Privacy of Work
Human Resource Management
Literature Review Writing Help
Follow Us |
T & C
Copyright by ExpertsMind IT Educational Pvt. Ltd.