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...