User Account

All Pages

tax, Basic Statistics

Assignment Help:
_______ 1. F''s share of income from various sources is as follows for the current year:
Source F''s Share of Entity''s Net Income F''s Share of Distributions
ABC Partnership after deducting partner''s salary $ 6,000 $ 9,000
F''s salary from ABC Partnership n/a 30,000
XYZ Corporation, a C corporation 80,000 10,000
Interest from bank savings account 40,000 n/a
F''s A.G.I, (ignoring the deduction for one-half of any self-employment tax) is how much?
a. $89,000
b. $156,000
c. $86,000
d. $56,000
________ 2. Which of the following is not true of the gross income test for the dependency exemption (i.e., in testing to determine if the individual is a qualifying relative)?
a. Generally, a dependent''s gross income may not exceed the exemption amount.
b. Gross income is interpreted to mean "gross cash receipts."
c. A child of the taxpayer, under age 24, who is a full-time student at any time during five calendar months of the tax year is exempted from the test.
d. A child of the taxpayer under age 19 is exempted from the test.
________ 3. Fred, 19 years of age and single, is claimed as a dependent on his parents'' return. He has decided not to go to college. The following information is derived from his tax return for 2011:
Taxable interest and dividends $3,600
Salary from part-time job 2,500
Itemized deductions 1,270
Which of the following is false?
a. Fred''s taxable income is $3,300.
b. Fred will not itemize his deductions for the year.
c. $1,700 of the interest and dividends will be taxed at Fred''s parents'' marginal tax rate if it is higher than Fred''s rate.
d. Fred''s standard deduction is $2,800.
4. In which of the following situations would the taxpayer not be considered in constructive receipt of income in 2011? Assume that all of the taxpayers use the cash method of accounting.
a. Al is a self-employed accountant. On December 27, 2011, he received a check for $2,000 for preparing the November financial statements of one of his clients. Due to illness, he was unable to deposit the check until January 5, 2012.
b. Ben entered into a contract to sell his rental property on December 3, 2011. On that date, the down payment, a check for $1,000, was placed in an escrow account. Ben received the check when the transaction closed on January 20, 2012.
c. Sugar Ray fought Rocky on December 25, 2011, a Christmas fight shown on television all over the world. On December 28, the fight promoters gave Sugar Ray''s agent, Leo Luciani, a check for $5 million representing his prize money for the fight. Leo delivered the check to Sugar Ray on January 12, 2012.
d. On December 20, 2011, Mr. Big received stock worth $10,000 as a bonus from the corporation for which he worked. He did not sell the stock until January 5, 2012.
e. All of the taxpayers above are in constructive receipt of the income items.
________ 5. S is a cash basis, calendar year taxpayer (she uses the accrual-method for inventory). She operates Cloth R Us. All of the store''s profits come from the sale of fabric. During the year she paid the following expenses:
1. $3,000 premium for liability insurance covering her business. The coverage runs from December 1, 2011 through November 30, 2014.
2. $10,000 for cloth, all of which is still on hand at the end of the taxable year.
3. $2,000 for "points" related to obtaining a loan for the purchase of her personal residence.
4. $1,200 for "points" related to obtaining a loan on rental property.
S may deduct all of the expense incurred in 2011 for which item(s)?
a. 1.
b. Land2.
c. L, 2. and 3.
d. L, 3. and 4.
e. 3.

Related Discussions:- tax

Method of least squares, what is method of least squares

what is method of least squares

Long term credit decision, Long Term Credit Decision In no more than o...

Long Term Credit Decision In no more than one typed page, provide a statement of your decision to lend or not lend to this company based on your interpretation of the company'

Inventory control, Inventory control Inventory Control is the guidance of ...

Inventory control Inventory Control is the guidance of provide, storage and convenience of items to ensure an adequate provide without excessive oversupply. It can also be known a

find the return period of critical event, A drainage system overows into a...

A drainage system overows into a river causing pollution when the rainfall falling in an hour exceeds 50 mm. During any given year, the maximum hourly rainfall follows an exponenti

Define how to make a histogram and a frequency distribution, 1. Describe tw...

1. Describe two graphs/tables and how they are used to examine data. 2. Why are graphs and tables useful when examining data? 3. Describe how to make a histogram and a freque

Qualitative survey and data analysis, Data Analysis: A qualitative surve...

Data Analysis: A qualitative survey was conducted in order to understand the impact of international accounting standards. To start with, a secondary research was done to unders

#mode, how to find mode graphically when the biggest rectangle is at the en...

how to find mode graphically when the biggest rectangle is at the end

Comb & proportions type will appear in f & f2, In fowl,the genotype rrpp gi...

In fowl,the genotype rrpp gives single comb, R_P_ walnut comb, rrP_ pea comb, and R_pp rose comb. a. What comb type will appear and in what proportions in F and F2 if single- co

Quota sampling, uses in marketing

uses in marketing

Oecd database exercise , For this second assignment you will have to use th...

For this second assignment you will have to use the OECD database to investigate possible changes in the policy preferences of Western welfare states. You have to develop (i) an in

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd