Acct 324 Final Exam-Latest 2105 October

ACCT 324 Final Exam-Latest 2105 October

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Question
Week 8 : Final Week - Final Exam

Page 1

Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
$297,750.
$299,250.
$300,750.
$302,250.
None of the above

Question 2.2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy Corporation, a closely held C corporation that is not a personal service corporation, has $80,000 of passive losses, $60,000 of active business income, and $10,000 of portfolio income. How much of the passive loss may Galaxy deduct in the current year? (Points : 5)
$0
$10,000
$60,000
$70,000
None of the above
 
Question 3.3. (TCOs 3, 4, 5, & 7) Dorothy holds two jobs. Her main job is with Eggplant Corporation, and her part-time job is with Carrot Company. On a typical workday, she drives her car as follows: home to Eggplant, Eggplant to Carrot, and Carrot to home. Applicable mileage is as follows:

Miles
Home to Eggplant 4
Eggplant to Carrot 10
Carrot to home 14

On a typical day, Dorothy's deductible mileage is: (Points : 5)
10.
20.
24.
28.
None of the above
 
Question 4.4. (TCOs 3, 4, 5, & 7) Carrie owns a mineral property that had a basis of $15,000 at the beginning of the year. The property qualifies for a 22% depletion rate. Gross income from the property was $150,000, and net income before the percentage depletion deduction was $100,000. What is Carrie's tax preference for excess depletion? (Points : 5)
$0
$15,000
$18,000
$33,000...