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1. (TCO E) Zelda Zayer
has been a widow for over 3 years and files a return as a single taxpayer.
Items of income received by Zelda in 2011 were as follows.
Interest on savings account with Bank of America: $50
Interest on state income tax refund: $25
Gambling winnings: $2,400
Dividends from mutual life insurance company on life insurance policy: $500
Dividends from Better Auto Co. received on January 2, 2011: $875
The total dividends received on the life insurance policy do not exceed the aggregate of the premiums paid to the company.
(a) How much should Zelda include in her 2011 taxable income as interest?
(b) How much should Zelda report as dividend income for 2011?
(c) How much should Zelda include in taxable “Other Income” for her state lottery winnings?
2. (TCO E) Distinguish between
realized gains and losses and recognized gains and losses.(Points : 17)
3. (TCO F) Describe the current
tax law for sale of residence.(Points : 17)
4. (TCO G) Briefly describe what
"material participation" is. Why is the determination of whether a
taxpayer materially participates important?(Points : 17)
5. (TCO I) Amos, a single
individual with a salary of $50,000, incurred and paid the following expenses
during the year.
Medical expenses: $5,000
Alimony: $14,000
Casualty loss (after $100 floor): $1,000
State income taxes: $4,000
Moving expenses: $1,500
Contribution to a traditional IRA: $2,000
Student loan interest: $1,200
Analyze the above expenses and determine which ones are deductible for AGI. Please support your position.(Points : 17)
6. (TCO I) A review of Bearing's
Year 2 records disclosed the following tax information:
|
Wages
|
$
20,000
|
|
Taxable
interest and qualifying dividends
|
4,000
|
|
Schedule
C trucking business net income
|
32,000
|
|
Rental
(loss) from residential property
|
(35,000)
|
|
Limited
partnership (loss)
|
(5,000)
|
Bearing actively participated in
the rental property and was a limited partner in the partnership. Bearing had
sufficient amounts at risk for the rental property and the partnership. What is
Bearing's Year 2 adjusted gross income?
7. (TCO F) (Becker CPA Review
Course, Reg. 1) Smith has an adjusted gross income (AGI) of $140,000 without
taking into consideration $40,000 of losses from rental real estate activities.
Smith actively participates in the rental real estate activities. What amount
of the rental losses may Smith deduct in determining taxable income?(Points :
17)
8. (TCO B) (Becker CPA Review
Course Reg. 3) For the year ended December 31, Year 6, Taylor Corp. had a net
operating loss of $200,000. Taxable income for the earlier years of corporate
existence, computed without reference to the net operating loss, was as
follows:
Taxable Income:
Year 1 $ 5,000
Year 2 10,000
Year 3 20,000
Year 4 50,000
Year 5 50,000
What amount of net operating loss will be available to Taylor for the year ended December 31, Year 7?(Points : 17)
9. (TCO F) (Becker CPA Review
Exam Reg. 1) Randolph is a single individual who always claims the standard
deduction. Randolph received the following in the current year:
|
Wages
|
$
22,000
|
|
Unemployment
compensation
|
6,000
|
|
Pension
distribution (100% taxable)
|
4,000
|
|
A
state tax refund from the previous year
|
425
|
What is Randolph’s gross
income?(Points : 17)
10. (TCO H) Alex Smith purchased
30 shares of XYZ stock on April 30, 2010 for $210, and on September 1, 2010, he
purchased 90 additional shares for $900. On November 8, 2010, he sold 48
shares, which could not be specifically identified, for $528, and on December
15, 2010, he sold another 25 shares for $50. What is his recognized gain or
loss?(Points : 17)
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