Acct 553 (Federal Taxes Mgmt Decisions) Final Exam Devry – Latest 2014

ACCT 553 (Federal Taxes Mgmt Decisions) Final Exam DeVry – Latest 2014

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1. (TCO E) For federal tax purposes, income attributable to the direct efforts of the tax payer, such as salary, is classified as: (Points : 5)

portfolio income.

active income.

passive income.

None of the above

2. (TCO D) Which of the following is an example of a nontaxable like-kind exchange? (Points : 5)

An ice cream making machine for inventory of Rocky Road ice cream

Land for an office building

Office equipment for a computer

All of the above

3. (TCO H) Alex and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $90,000. They had net investment income of $8,000. In 2012, they had the following interest expenses:

• Personal credit card interest: $5,000

• Home mortgage interest: $10,000

• Interest paid on qualified education loans: $2,000

• Investment interest (on loans used to buy stocks): $10,000

What is the interest deduction for Alex and Amy for the 2012 tax year? (Points : 5)

$8,000

$12,000

$20,000

$18,000

4. (TCO B) Unreimbursed expenses of employees are considered to be deductions: (Points : 5)

for AGI.

from AGI.

for or from AGI, depending on the type of expense.

None of the above

5. (TCO A) Which of the following expenditures is always an itemized deduction for individual taxpayers? (Points : 5)

Charitable contributions

State and local income taxes

Moving expenses

All of the above

6. (TCO E) Adam sold a piece of business equipment that had an adjusted basis to him of $50,000. In return for the equipment, Adam received $80,000 cash and a painting with a fair market value of $20,000 from the buyer. The buyer also assumed Adam’s $25,000 loan on the equipment. Adam paid $5,000...