DEVRY ACCT 553 Week 5 Quiz
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<strong>DEVRY</strong> <strong>ACCT</strong> <strong>553</strong> <strong>Week</strong> 5 <strong>Quiz</strong><br />
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<strong>ACCT</strong> <strong>553</strong> <strong>Week</strong> 5 <strong>Quiz</strong><br />
(TCO E) For federal tax purposes, royalty income not derived in the ordinary course<br />
of a business is classified as:<br />
(TCO F) When comparing corporate and individual taxation, the following<br />
statements are true, except:<br />
(TCO H) Al and Amy file a joint return for the 2012 tax year. Their adjusted gross<br />
income is $80,000. They had a net investment income of $8,000. In 2012, they had<br />
the following interest expenses:<br />
Personal credit card interest: $4,000<br />
Home mortgage interest: $8,000<br />
Investment interest (on loans used to buy stocks): $10,000
(TCO B) Charitable contribution deductions for capital gains property made by<br />
individuals without a reduction for long-term capital gains to public charities are<br />
limited to:<br />
(TCO A) The following taxes were paid by Tim:<br />
Real estate taxes on his home: $2,000<br />
State income taxes: $900<br />
State gasoline tax (personal use of automobile): $150<br />
(TCO F) Hoover, Inc. had gross receipts from operations of $230,000, operating and<br />
other expenses of $310,000, and dividends received from a 45 percent-owned<br />
domestic corporation of $120,000. Hoover’s tax position for the year is:<br />
(TCO G) All of the outstanding stock of a closely held C corporation is owned equally<br />
by David Smith and Steve Bufusno. In 2012, the corporation generates taxable<br />
income of $30,000 from its active business activities. In addition, it earns $20,000 of<br />
interest from investments and incurs a $40,000 loss from a passive activity. How<br />
much income does the C corporation report for 2012?<br />
(TCO G) Mike, who is single, has $100,000 of salary, $15,000 of income from a limited<br />
partnership, and a $30,000 passive loss from a real estate rental activity in which he<br />
actively participates. His modified adjusted gross income is $100,000. Of the $30,000<br />
loss, how much is deductible?<br />
(TCO F) Pam owns a sole proprietorship, and Kevin is the sole shareholder of a C<br />
(regular) corporation. Each business sustained a $16,000 operating loss and a<br />
$2,500 capital loss for the year. Evaluate how these losses will affect the taxable<br />
income of the two owners?<br />
(TCO G) Briefly (1) define and (2) discuss the purpose and impact of each of the<br />
following:<br />
net operating loss<br />
b. at-risk rules<br />
tax shelter