Ironwood corporation has ordinary taxable income of 40000

Assignment Help Accounting Basics

Reference no: EM13582500

1. Which of the following items would be includable in the gross income of the recipient?

a. Insurance payments for medical care of a dependent child
b. Insurance payments for loss of the taxpayer's sight
c. Season tickets given by a salesperson to a customer
d. Interest from bonds issued by the state of Texas
e. Lodging provided to a worker on a remote oil rig

2. For 2012, the maximum % of Social Security benefits that must be included in gross income is:
a. 85%
b. 75%
c. 65%
d. 50%
e. 25%

3. Generally, modified adjusted gross income (MAGI) is adjusted gross income (without Social Security benefits):
a. Less tax-exempt interest
b. Less personal and dependency exemptions
c. Less itemized deductions
d. Less tax-exempt interest plus any foreign income exclusion
e. Plus tax-exempt interest income

4. Ironwood Corporation has ordinary taxable income of $40,000 for calendar- year 2012, and a long-term capital loss of $20,000. What is the corporation's tax liability for 2012?
a. $ 4,500
b. $ 6,000
c. $ 7,500
d. $ 10,000
e. None of the above

Reference no: EM13582500

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