For This and Any Other Courses,Assignments,
Disscussions,Quizes,FinalExams,Test Banks And Solution Manauals
1.
An employer calculates the amount of income tax withheld from
salary or wages based on the information an employee provides on the following
form:
2.
Black
Company paid wages of $180,000, of which $40,000 was qualified wages for the work
opportunity tax credit under the general rules. Black Company’s deduction for
wages for the year is:
3.
Several
years ago, Tom purchased a structure for $300,000 that was originally placed in
service in 1929. Three and one-half years ago he incurred qualifying
rehabilitation expenditures of $600,000. In the current year, Tom sold the
property in a taxable transaction. Calculate the amount of the recapture of the
tax credit for rehabilitation expenditures.
4.
In
terms of the withholding procedures, which statement does not reflect current
rules?
5.
The
ceiling amount and percentage for 2013 for the Medicare portion of the
self-employment tax are:
6.
If
the taxpayer qualifies under § 1033 (nonrecognition of gain from an involuntary
conversion), makes the appropriate election, and the amount reinvested in
replacement property is less than the amount realized, realized gain is:
7.
Mary
sells her personal use automobile for $20,000. She purchased the car two years
ago for $17,000. What is Mary’s recognized gain or loss? It increased in value
due to its excellent mileage, yet safe design.
8.
Neal
and his wife Faye reside in Texas, a community property state. Their community
property consists of real estate (adjusted basis of $800,000; fair market value
of $6 million) and personal property (adjusted basis of $390,000; fair market
value of $295,000). Neal dies first and leaves his estate to Faye. What is
Faye’s basis in the property after Neal’s death?
9.
Which
of the following exchanges qualifies for nonrecognition treatment as a § 1031
like-kind exchange?
10.
Lynn
purchases a house for $52,000. She converts the property to rental property
when the fair market value is $115,000. After deducting depreciation (cost
recovery) expense of $1,130, she sells the house for $120,000. What is her
recognized gain or loss?
11.
Hiram
is a computer engineer and, while unemployed, invents a switching device for
computer networks. He patents the device, but does not reduce it to practice.
Hiram has a zero tax basis for the patent. In consideration of $800,000 plus a
$1 royalty per device sold, Hiram assigns the patent to a computer
manufacturing company. Hiram assigned all substantial rights in the patent.
Which of the following is correct?
12.
Lynne
owns depreciable residential rental real estate which has accumulated
depreciation (all from straight-line) of $65,000. If Lynne sold the property,
she would have a $53,000 gain. The initial characterization of the gain would
be:
13.
Which
of the following creates potential § 1245 depreciation recapture and potential
§ 1231 gain?
14.
A
business taxpayer sells inventory for $80,000. The adjusted basis of the
property is $58,000 at the time of the sale and the inventory had been held
more than one year. The taxpayer has:
15.
Section
1239 (relating to the sale of certain property between related taxpayers) does
not apply unless the property:
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