1. (TCO E) For federal tax purposes, royalty income non derived in the ordinary course of a business is separate as: (Points : 5)
active income.
portfolio income.
passive income.
None of the above
2. (TCO F) When comparing corporate and single(a) taxation, the following statement is true: (Points : 5)
Unlike individual taxpayer, corporate may not have a semipermanent capital loss carryforward.
Both types of taxpayers have percentage limitations on the charitable contribution evidence, coupled with a carryover of the excess contribution.
each taxpayers may carry net operating losses subscribe two years, forward 20 years.
All of the above
3. (TCO H) Al and Amy bear down a joint return for the 2007 tax year. Their adjusted gain income is $80,000. They had net investment income of $7,000. In 2007, they had the following rice beer expenses:
ad hominem credit card interest: $4,000
Home mortgage interest: $8,000
Investment interest (on loans used to buy stocks): $10,000
What is the interest deduction for Al and Amy for the 2007 tax year? (Points : 5)
$8,000
$15,000
$12,000
$18,000
4.
(TCO B) Charitable contribution deductions for coin donations made by individuals to public charities are limited to: (Points : 5)
50% of AGI.
40% of AGI.
30% of AGI.
20% of AGI.
5. (TCO A) The following taxes were paid by Tim:
Real estate taxes on his home: $2,000
order income taxes: $900
State gasoline tax (personal use of automobile): $150
In itemizing his deductions, what is the get along that Tim may claim as a deduction for taxes? (Points : 5)
$2,000
$2,900
$3,050
$0
6. (TCO F) Hoover, Inc. had make receipts from operations of $230,000, operating and other expenses of $310,000, and dividends received from a 45 percent-owned domestic corporation of $120,000. Hoovers tax position for the...If you sine qua non to get a full essay, order it on our website: Orderessay
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