For This and Any Other Courses,Assignments,
Disscussions,Quizes,FinalExams,Test Banks And Solution Manauals
1. The § 222 deduction for tuition and related expenses is
available:
2. A worker may prefer to be classified as an employee
(rather than an independent contractor) for which of the following reasons:
3. Aaron is a self-employed practical nurse who works out
of his home. He provides nursing care for disabled persons living in their
residences. During the day he drives his car as follows
4. Jordan performs services for Ryan. Which of the
following factors indicate that Jordan is an independent contractor, rather
than an employee?
5. Aiden performs services for Lucas. Which of the
following factors indicate that Aiden is an employee, rather than an
independent contractor?
6. Paul, a calendar year married taxpayer, files a joint
return for 2013. Information for 2013 includes the following:
|
AGI
|
$175,000
|
|
State income taxes
|
13,500
|
|
State sales tax
|
3,000
|
|
Real estate taxes
|
18,900
|
|
Gambling losses (gambling gains were $12,000)
|
6,800
|
Paul’s allowable itemized deductions for 2013 are:
7. Pedro’s child attends a school operated by the church
the family attends. Pedro made a donation of $1,000 to the church in lieu of
the normal registration fee of $200. In addition, Pedro paid the regular
tuition of $6,000 to the school. Based on this information, what is Pedro’s
charitable contribution?
8. Barry and Larry, who are brothers, are equal owners in
Chickadee Corporation. On July 1, 2013, each loans the corporation $10,000 at
an annual interest rate of 10%. Both shareholders are on the cash method of
accounting, while Chickadee Corporation is on the accrual method. All parties
use the calendar year for tax purposes. On June 30, 2014, Chickadee repays the
loans of $20,000 together with the specified interest of $2,000. How much of
the interest can Chickadee Corporation deduct in 2013?
9. Your friend Scotty informs you that he received a
“tax-free” reimbursement in 2013 of some medical expenses he paid in 2012.
Which of the following statements best explains why Scotty is not required to
report the reimbursement in gross income?
10. Emily, who lives in Indiana, volunteered to travel to
Louisiana in March to work on a home-building project for Habitat for Humanity
(a qualified charitable organization). She was in Louisiana for three weeks.
She normally makes $500 per week as a carpenter’s assistant and plans to deduct
$1,500 as a charitable contribution. In addition, she incurred the following
costs in connection with the trip: $600 for transportation, $1,200 for lodging,
and $400 for meals. What is Emily’s deduction associated with this charitable
activity?
11. Josh has investments in two passive activities.
Activity A (acquired three years ago) produces income of $30,000 this year,
while Activity B (acquired two years ago) produces a loss of $50,000. What is
the amount of Josh’s suspended loss for the year?
12. Rick, a computer consultant, owns a separate business
(not real estate) in which he participates. He has one employee who works
part-time in the business
13. Charles owns a business with two separate departments.
Department A produces $100,000 of income and Department B incurs a $60,000
loss. Charles participates for 550 hours in Department A and 100 hours in
Department B. He has full-time employees in both departments
14. Sandra acquired a passive activity three years ago.
Until last year, the activity was profitable and her at-risk amount was
$300,000. Last year, the activity produced a loss of $100,000, and in the
current year, the loss is $50,000. Assuming Sandra has received no passive
income in the current or prior years, her suspended passive loss from the
activity is:
15. Nell sells a passive activity with an adjusted basis of
$45,000 for $105,000. Suspended losses attributable to this property total
$45,000. The total gain and the taxable gain are:
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