ACCT 553 Federal Taxation Mgmt Decisions Final Test DeVry Most current 2014 Article

ACCT 553 (Federal Taxes Mgmt Decisions) Last Exam  DeVry – Newest 2014

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1 . (TCO E) For federal government tax reasons, income attributable to the direct efforts of the tax payer, such as salary, is labeled as: (Points: 5) profile income.

active income.

making money on line.

None of the previously mentioned

2 . (TCO D) Which in turn of the next is one of a non-taxable like-kind exchange? (Points: 5) An goodies making machine for inventory of Rocky Road goodies Land pertaining to an office building

Office products for a pc

All of the previously mentioned

3. (TCO H) Alex and Amy file a joint returning for the 2012 taxes year. Their very own adjusted revenues is $90, 000. They had net expense income of $8, 1000. In 2012, they'd the following fascination expenses: • Personal credit-based card interest: $5, 000

• Home mortgage interest: $10, 000

• Interest paid upon qualified education loans: $2, 000

• Investment interest (on financial loans used to buy stocks): $10, 000 What is the interest discount for Alex and Amy for the 2012 duty year? (Points: 5) $8, 000

$12, 000

$20, 000

$18, 000

5. (TCO B) Unreimbursed expenditures of staff are considered to become deductions: (Points: 5) for AGI.

coming from AGI.

to get or via AGI, with respect to the type of expenditure.

None of the above

5. (TCO A) Which of the next expenditures is often an itemized deduction for seperate taxpayers? (Points: 5) Charity contributions

Condition and local taxes

Moving expenses

All of the previously mentioned

6. (TCO E) Mandsperson sold a bit of business tools that had an adjusted basis to him of $50, 000. In substitution for the equipment, Hersker received $80, 000 funds and a painting which has a fair the true market value of 20 dollars, 000 in the buyer. The customer also assumed Adam's $25, 000 mortgage on the products. Adam paid out $5, 000 in selling expenditures. What is the number of Adam's gain on the sale? (Points: 5) $90, 1000

$125, 500

$80, 1000

$70, 1000

7. (TCO I) Whilst gary and Gerdy Gray purchased a brand name $125, 500 on Sept. 2010 15, 2010. On August 7, 2011 they were single, and as section of the divorce contract, the home was transferred to Gerda, who offered the home about October 18, 2012 for $350, 500. How much can Gerda exclude? (Points: 5) $350, 500

$250, 1000

$225, 500


8. (TCO I) Under the accrual method of accounting, expenses are generally accrued the moment: (Points: 5) the expenses are actually received.

the taxpayer elects to adopt the deductions.

payment is created.

None of the over

9. (TCO D) Mitch, a calendar year taxpayer, acquired stock in June 18, 2011 for $8, 1000. The share became useless on Summer 4, 2012. What is Sean's loss in 2012? (Points: 5) $8, 500 short-term capital loss

Not any loss

$8, 000 long lasting capital reduction

$8, 1000 itemized deduction for investments

10. (TCO A) Which will of the following is a major source of taxes authority? (Points: 5) Income ruling

Taxes Court case

Temporary legislation

All of the previously mentioned

11. (TCO F) A non-business negative debt can be deductible to get tax uses as a(n): (Points: 5) short-term capital loss.

itemized deduction.

long term capital reduction.

ordinary business deduction.

doze. (TCO A) The art of applying existing tax laws to pay the very least amount of tax lawfully possible is referred to as: (Points: 5) tax evasion.

tax avoidance.

tax forestalling.

None of the over

13. (TCO C) Which will of the pursuing items can be not taxable? (Points: 5) Interest about U. H. Treasury expenses, notes, and bonds issued by a company of the United States Fascination on government income tax return

Interest in New York State bonds

Discount income in installment payments received on remarks bought at a deep discount 14. (TCO B) Within the terms of their divorce contract executed in October 2011, Keith transported Corporation Meters stock to his ex - wife, Karen, as a real estate settlement. In the time the transfer, the inventory had...