ACC 307 Final Exam Download

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ACC 307 Final Exam Download
Purchased from Here:
http://hwminute.com/downloads/acc-307-final-exam-all-questions/
Course Federal Taxation



Question 1
The § 222 deduction for tuition and related expenses is available:



Question 2

A worker may prefer to be classified as an employee (rather than an independent contractor) for
which of the following reasons:


Question 3

Aaron is a self-employed practical nurse who works out of his home. He provides nursing care
for disabled persons living in their residences. During the day he drives his car as follows.
Miles
Aaron’s home to patient Louise 12
Patient Louise to patient Carl 4
Patient Carl to patient Betty
6
Patient Betty to Aaron’s home 10
Aaron’s deductible mileage for each workday is:


Question 4

Jordan performs services for Ryan. Which of the following factors indicate that Jordan is an
independent contractor, rather than an employee?


Question 5

Aiden performs services for Lucas. Which of the following factors indicate that Aiden is an
employee, rather than an independent contractor?


Question 6

Paul, a calendar year married taxpayer, files a joint return for 2013. Information for 2013 includes
the following:
AGI $175,000

State income taxes
13,500
State sales tax 3,000
Real estate taxes
18,900
Gambling losses (gambling gains were $12,000) 6,800
Paul’s allowable itemized deductions for 2013 are:


Question 7

Pedro’s child attends a school operated by the church the family attends. Pedro made a donation
of $1,000 to the church in lieu of the normal registration fee of $200. In addition, Pedro paid the regular
tuition of $6,000 to the school. Based on this information, what is Pedro’s charitable contribution?


Question 8

Barry and Larry, who are brothers, are equal owners in Chickadee Corporation. On July 1, 2013,
each loans the corporation $10,000 at an annual interest rate of 10%. Both shareholders are on the cash
method of accounting, while Chickadee Corporation is on the accrual method. All parties use the calendar
year for tax purposes. On June 30, 2014, Chickadee repays the loans of $20,000 together with the
specified interest of $2,000. How much of the interest can Chickadee Corporation deduct in 2013?


Question 9

Your friend Scotty informs you that he received a “tax-free” reimbursement in 2013 of some
medical expenses he paid in 2012. Which of the following statements best explains why Scotty is not
required to report the reimbursement in gross income?


Question 10

Emily, who lives in Indiana, volunteered to travel to Louisiana in March to work on a homebuilding project for Habitat for Humanity (a qualified charitable organization). She was in Louisiana for
three weeks. She normally makes $500 per week as a carpenter’s assistant and plans to deduct $1,500 as a
charitable contribution. In addition, she incurred the following costs in connection with the trip: $600 for
transportation, $1,200 for lodging, and $400 for meals. What is Emily’s deduction associated with this
charitable activity?


Question 11

Josh has investments in two passive activities. Activity A (acquired three years ago) produces
income of $30,000 this year, while Activity B (acquired two years ago) produces a loss of $50,000. What
is the amount of Josh’s suspended loss for the year?


Question 12

Rick, a computer consultant, owns a separate business (not real estate) in which he participates.
He has one employee who works part-time in the business.


Question 13

Charles owns a business with two separate departments. Department A produces $100,000 of
income and Department B incurs a $60,000 loss. Charles participates for 550 hours in Department A and
100 hours in Department B. He has full-time employees in both departments.


Question 14

Sandra acquired a passive activity three years ago. Until last year, the activity was profitable and
her at-risk amount was $300,000. Last year, the activity produced a loss of $100,000, and in the current
year, the loss is $50,000. Assuming Sandra has received no passive income in the current or prior years,
her suspended passive loss from the activity is:


Question 15

Nell sells a passive activity with an adjusted basis of $45,000 for $105,000. Suspended losses
attributable to this property total $45,000. The total gain and the taxable gain are:

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