Get Solved ACCT 553 Week 8 Final Exam (Version 2)

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Get Solved ACCT 553 Week 8 Final Exam Version 2

 

  1. Question (TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows:…………….
  2. Question (TCO E) Distinguish between realized gains and losses & recognized gains and losses. (Points: 17)
  3. Question (TCO F) Describe the current tax law for the sale of the residence. (Points: 17)
  4. Question (TCO G) Briefly describe what “material participation” is. Why is the determination of whether a taxpayer materially participates important? (Points: 17)
  5. Question (TCO I) Amos, a single individual with a salary of $50,000, incurred and paid the following expenses during the year.
  • Medical expenses: $5,000
  • Alimony: $14,000
  • Casualty loss (after $100 floor): $1,000
  • State income taxes: $4,000
  • Moving expenses: $1,500
  • Contribution to a traditional IRA: $2,000
  • Student loan interest: $1,200

Analyze the above expenses and determine which ones are deductible for AGI. Please support your position. (Points: 17)

  1. Question (TCO I) A review of Bearing’s Year 2 records disclosed the following tax information:
  • Wages $ 20,000
  • Taxable interest and qualifying dividends of 4,000
  • Schedule C trucking business net income of 32,000
  • Rental (loss) from residential property (35,000)
  • Limited partnership (loss) (5,000)

Bearing actively participated in the rental property and was a limited partner in the partnership. The bearing had sufficient amounts at risk for the rental property and the partnership. What is Bearing’s Year 2 adjusted gross income?

  1. Question (TCO F) (Becker CPA Review Course, Reg. 1) Smith has an adjusted gross income (AGI) of $140,000 without taking into consideration $40,000 of losses from rental real estate activities. Smith actively participates in rental real estate activities. What amount of the rental losses may Smith deduct in determining taxable income? (Points : 17)
  2. Question (TCO B) (Becker CPA Review Course Reg. 3) For the year ended December 31, Year 6, Taylor Corp. had a net operating loss of $200,000. Taxable income for the earlier years of corporate existence, computed without reference to the net operating loss, was as follows:
  • Taxable Income:
  • Year 1 $ 5,000
  • Year 2. 10,000
  • Year 3 20,000
  • Year. 4 50,000
  • Year 5 50,000

What amount of net operating loss will be available to Taylor for the year ended December 31, Year 7? (Points: 17)

  1. Question (TCO F) (Becker CPA Review Exam Reg. 1) Randolph is a single individual who always claims the standard deduction. Randolph received the following in the current year:
  • Wages $ 22,000
  • Unemployment compensation 6,000
  • Pension distribution (100% taxable) 4,000
  • A state tax refund from the previous year of 425

What is Randolph’s gross income? (Points: 17)

  1. Question (TCO H) Alex Smith purchased 30 shares of XYZ stock on April 30, 2010, for $210, and on September 1, 2010, he purchased 90 additional shares for $900. On November 8, 2010, he sold 48 shares, which could not be specifically identified, for $528, and on December 15, 2010, he sold another 25 shares for $50. What is his recognized gain or loss? (Points: 17)

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