AACT 4435-01/ACCT 6636-01 Federal Tax 2 Exam #3 Fall 2014 Chapters 9-12 Name: Dengyuan Wan | Date: 12/13/2014 | Grade: | Examination instructions: 1) The examination is intended to test your knowledge of the topic covered in chapters 9 through 12 of the course text. 2) Answer all questions on the examination paper in the spaces provided. 3) Read the questions carefully. If you need to make any assumptions you must state them in order to receive credit. 4) This exam consists of the following: a) 20 true and false questions worth 1 point each for a total of 20 points. b) 8 critical thinking problems worth 10 points each for a total of 80 points. **5). In order to receive partial credit on the problems you will …show more content…
Critical thinking problems 1. An alternative minimum tax applies to items that are considered to be of a tax preference nature. Which of the following items is not considered to be a tax preference item? a. Tax-exempt bond interest issued by a school system b. Accelerated depreciation on real property acquired before 1987 c. Mining exploration and development costs d. Gain on the sale of certain small business stock e. Depletion 2. All other things being equal, the tax benefits of a tax credit outweigh the tax savings produced by a tax deduction because: a. It reduces a taxpayer’s tax liability b. It reduces a taxpayer’s taxable income c. It reduces a taxpayer’s capital gains d. None of the above 3. Lem Lumberjack sells 100 shares (basis of $5,000) of Redwood Corporation common stock on March 8, 2013, for $4,000. On March 29, 2013, Lem purchases 50 shares of Redwood Corporation common stock for $2,500. Lem’s recognized loss on the sale is: a. $1,000 b. $500 c. $1,500 d. $0 4. In 2013, Allen Anders sold an asset which cost $70,000. Allen incorrectly claimed $40,000 depreciation over a five-year period. He should have claimed $50,000 depreciation. What was the adjusted basis when sold? a. $0 b. $20,000 c. $30,000 d. $50,000 e. $70,000 5. Which of the following is not an example of a nontaxable like-kind exchange? a. Improved real estate for unimproved real estate. b. A printer for
Immediately after we are born, we start picking up sounds; the sound of our mother’s voice, the music playing in the elevator on the way to the car, and the happy cheers from a small child seeing their new sibling for the first time. We are always listening–picking up on conversations not meant for our ears, eavesdropping on the gossip of the adult world, and finding the meaning in the portentous silence. From all these auditory stimuli, we piece together the world around us to better understand what is happening to us, around us, and the secret happenings that were not for us to know. Great writers are the ones who listen and say nothing–who take it all in and save their classified information for a day when all the right words flow and form one epic story of the wondrous world we live in.
Please write the correct answer on the left line for each question. Each question has 2 points. Please use another color than black for your answers.
1. Noelle quits her $80,000-a-year job to stay home. What is the opportunity cost of her decision?
Part I. Each question is worth 3 points. For multiple choice questions, use highlight or bold to mark your answers.
Answer the following questions (in at least 5 well thought out and developed sentences each):
31. Rank the following three single taxpayers in order of the magnitude of taxable income (from lowest to highest) and explain your results. Ahmed Gross Income Deductions For AGI Itemized Deductions $ 80,000 8,000 0 Baker $ 80,000 4,000 4,000 Chin $ 80,000 0 8,000
Refer to the questions in the following Sample Examination to represent the type of questions that students will be asked in the Final Examination. Refer students to the weekly readings and content outlines for each week as study references for the Final Examination.
1) The test will be graded based on both form and substance. So try to keep your answers organized.
On June 1, Cline Co. paid $892,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying values for Renn’s assets and liabilities on June 1 follow:
TRUE/FALSE QUESTIONS: To follow are 20 true or false questions. You are to indicate whether each statement is true or false (T or F), based on your readings and understanding of the topics. Indicate your response on the attached answer sheet. Each question is worth 5 points, for a total of 100 points.
3. Mark your answer to the multiple choice questions in pencil on the generalized answer
In Geography, nearly everyone would agree that a thirty percent overall valued final exam grade would be a great benefit. The four exams, in class assignments, and homework completed throughout the semester should only help prepare every student for the final exam.
When you feel confident that you have mastered the material in this study unit, complete the following examination. Then submit only your answers to the school for grading, using one of the examination answer options described in your “Test Materials” envelope. Send your answers for this examination as soon as you complete it. Do not wait until another examination is ready. Questions 1–20: Select the one best answer to each question. 1. Which of the qualities required for a good
As the temperature approaches absolute zero, the entropy of a system assumes a constant value.
Note: The gross receipts from the transport of cargoes by domestic carriers by land shall still subject to 12% VAT. (R.A. 9337)