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ACCT 324 Final Exam Solution

ACCT 324 Final Exam Solution

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ACCT 324 Final Exam Solution

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 ACCT 324 Final Exam Solution

Question 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:

Question 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? 

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