Acc 307 Federal Taxation Final Exam Solutions

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ACC 307 Federal Taxation Final Exam Solutions

ACC 307 Federal Taxation Final Exam Solutions

ACC 307 Final Exam Solution Part 1

• Question 1

The § 222 deduction for tuition and related expenses is available:

• Question 2

A worker may prefer to be classified as an employee (rather than an independent

contractor) for which of the following reasons:

• Question 3

Aaron is a self-employed practical nurse who works out of his home. He provides nursing

care for disabled persons living in their residences. During the day he drives his car as



Aaron’s home to patient Louise 12

Patient Louise to patient Carl 4

Patient Carl to patient Betty 6

Patient Betty to Aaron’s home 10

Aaron’s deductible mileage for each workday is:

• Question 4

Jordan performs services for Ryan. Which of the following factors indicate that Jordan is

an independent contractor, rather than an employee?

• Question 5

Aiden performs services for Lucas. Which of the following factors indicate that Aiden is an

employee, rather than an independent contractor?

• Question 6

Paul, a calendar year married taxpayer, files a joint return for 2013. Information for 2013

includes the following:

AGI $175,000

State income taxes 13,500

State sales tax 3,000

Real estate taxes 18,900

Gambling losses (gambling gains were $12,000) 6,800

Paul’s allowable itemized deductions for 2013 are:

• Question 7

Pedro’s child attends a school operated by the church the family attends. Pedro made a

donation of $1,000 to the church in lieu of the normal registration fee of $200. In addition,

Pedro paid the regular tuition of $6,000 to the school. Based on this information, what is

Pedro’s charitable contribution?

• Question 8

Barry and Larry, who are brothers, are equal owners in Chickadee Corporation. On July

1, 2013, each loans the corporation $10,000 at an annual interest rate of 10%. Both...