Buy Guided ACCT 553 Weekly Quizzes Week 1-7
ACCT 553 Week 1 Quiz
- Question: (TCO A) Which is not a source of federal revenue?
- Question: (TCO A) What law allows Congress to “levy taxes on income from whatever source derived”?
- Question: (TCO A) Which one of the following represents a fraudulent act under the IRC?
- Question: (TCO A) Which reference material is classified as a primary “authoritative” source?
- Question: (TCO A) Which is NOT a component of the Common Body of Tax Law:
- Question: (TCO B) What is the first step in calculating federal taxable income?
- Question: (TCO B) Which of the following represents an “above the line” deduction?
- Question: (TCO B) How much is the 2016 personal exemption?
- Question: (TCO I) Please identify one of the most commonly used accounting methods.
- Question: (TCO I) The UNICAP rules tell you what expenditures must be:
ACCT 553 Week 3 Quiz (2 Versions)
- Question: (TCO G) Which of the following is not a passive activity?
- Question: (TCO G) An individual is considered a Material Participant if they pass which of the following tests?
- Question: (TCO G) What IRC Section prescribes the “Hobby Loss” rules?
- Question: (TCO G) Craig incurred the following medical-related expenses in 2016: His share of company-provided health insurance premiums of $6,500 paid under an IRC 125 plan, out-of-pocket co-pays of $175, $625 of prescriptions paid from his HSA, Cost of Fitbit and consultations with a personal trainer $975. What is Craig’s medical deduction for 2016 (without consideration of the 10% floor)?
- Question: (TCO G) For personal home expenses to be tax deductible, a portion of the home must be used exclusively regularly as?
- Question: (TCO G) Lewis owned an LP interest in Kate Partners, LP. He did not materially participate in the activity. On the date he gifted the Kate partnership interest to his son, Travis, his basis was $30,000. Suspended losses amounted to $25,000 as of that date. What is Travis’s adjusted basis in the gift? Show your work!
- Question: (TCO G) During the current year, Sam Marzella, a married taxpayer who files a joint return, reports the following items of income and loss: AGI, consisting of salary income, of $150,000, and a rental real estate loss of $25,000. Sam actively participates in the rental activity. Determine Sam’s AGI for the current year. Show your work!
- Question: (TCO G) Which of the following is not a passive activity?
- Question: (TCO G) An individual is considered a Material Participant if they pass which of the following tests?
- Question (TCO G) Which is NOT a required characteristic of a “for profit” activity:
- Question: (TCO G) Charlotte incurred health-related expenses in 2016. Which of the following is deductible as medical expenses?
- Question: (TCO G) Which is NOT a typical expense deductible for a home office?
- Question: (TCO G) Lewis owned an LP interest in Kate Partners, LP. He did not materially participate in the activity. On the date he gifted the Kate partnership interest to his son, Travis, his basis was $30,000. Suspended losses amounted to $25,000 as of that date. What is Travis’s adjusted basis in the gift? Show your work!
- Question: (TCO G) During the current year, Sam Marzella, a married taxpayer who files a joint return, reports the following items of income and loss: AGI, consisting of salary income, of $150,000, and a rental real estate loss of $25,000. Sam actively participates in the rental activity. Determine Sam’s AGI for the current year. Show your work!
ACCT-553 Week 4 Quiz
- Question: (TCO C) Which of the following is an advantage of a C corporation?
- Question: (TCO C) Which is true of the provisions of IRC § 351?
- Question: (TCO C) Which is true of the receipt of boot in a transfer under IRC § 351?
- Question: (TCO C) Which represents the transfer of a liability?
- Question: (TCO F) Who can issue IRC 1244 stock?
- Question: (TCO C) Krissy Kraus and Manny Martin form K&M Corp. Krissy transfers land with an adjusted basis of $20,000 for stock worth $18,000 and $3,000 cash. Manny transfers a backhoe with an adjusted basis of $20,000 for stock worth $11,000 and $8,000 cash. What is Krissy’s realized gain/loss? Will she recognize any of that gain/loss? What is Manny’s realized gain/loss? Will he recognize any of that loss?
- Question: (TCO F) Billy Barker, a married taxpayer, has a basis in IRC 1244 stock of $110,000 when it becomes worthless. What is his gain or loss? How much is ordinary? How much is capital?
ACCT 553 Week 5 Quiz
- Question : (TCO C) Which of the following is an advantage of a C corporation?
- Question : (TCO C) Which is true of the provisions of IRC § 351?
- Question : (TCO C) Which is true of the receipt of boot in a transfer under IRC § 351?
- Question : (TCO C) Which is true regarding the transfer of liabilities?
- Question : (TCO F) IRC § 1244 allows for what?
- Question : (TCO C) Krissy Kraus and Manny Martin form K&M Corp. Krissy transfers land with an adjusted basis of $12,000 for stock worth $15,000 and $5,000 cash. Manny transfers a backhoe with an adjusted basis of $30,000 for stock worth $11,000 and $7,000 cash. What is Krissy’s realized gain/loss? Will she recognize any of that gain/loss? What is Manny’s realized gain/loss? Will he recognize any of that loss?
- Question : (TCO F) Billy Barker, a single taxpayer, has a basis in IRC 1244 stock of $150,000. Billy sells the stock for $60,000. What is his gain or loss? How much is ordinary? How much is capital?
ACCT 553 Week 7 Quiz
- Question: (TCO D) What is the amount realized in a transaction?
- Question: (TCO D) Type: MC Terry purchased an ice cream machine for $15,000; the seller is holding the note……….Terry owes $8,000 to the Seller. What is Terry’s adjusted basis in the ice cream machine?
- Question: (TCO D) Sue received 50 shs of Zoll Industry stock from her Uncle Dave for a graduation present. Dave purchased the stock in 1986 at $30/sh. The stock was worth $60/sh when Sue graduated!! . What is Sue’s basis in the stock?
- Question: (TCO E) Which is true regarding the sale of a Personal Residence?
- Question: (TCO E) Which is true regarding a Like-Kind Exchange?
- Question: (TCO H) Chuck had a short-term capital loss of $5,000, a short-term capital gain of $1,900, a short-term capital loss carryover from 2015 of $700, a long-term capital gain of $1,200, and a long-term capital loss of $1,000………. loss carryover (if anything) to 2016?
- Question: (TCO D) In May 2016, Kevin McElwainee sells property with an adjusted basis of $75,000 for $125,000 to Josh Amico. Josh pays Kevin $12,000 cash at closing and the remaining is to be paid in 5 annual installments of $22,600 beginning in May 2017. Ignore the impact of interest for this exercise.
- What is Kevin’s gross profit or loss on the sale?
- what is Kevin’s gross profit percentage?
- How much profit will Kevin recognize in 2016?
- How much profit will he recognize in the later years?
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