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ACCT 560 Final Exam

ACCT 560 Final Exam

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Author: Christine Farr
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1. (TCO 1) The Internal Revenue Code is an example of (Points : 5)
2. (TCO 2) A tax that is based on a person’s eye color does not meet the standard that a good tax should be (Points : 5)
3. (TCO 3) John and Jennie Thomas are married and wish to file their taxes jointly. They are both 52 years old, neither is legally blind, and they had combined wage income of $125,000 in 2013. They also had interest income of $5,000 from a certificate of deposit and itemized deductions of $24,000. Their adjusted gross income for 2013 is (Points : 5)
4. (TCO 4) Which of the following is a true statement? (Points : 5)
5. (TCO 5) Julia owns a condominium near the university that she rents to students. The condominium generated a $21,000 loss in 2013. Before the loss deduction, Julia’s AGI was $75,000. How much of the loss on the condominium is deductible for Julia? (Points : 5)
6. (TCO 6) An inter vivos transfer is (Points : 5)
7. (TCO 7) Quentin and Linda were divorced in 2012. In 2013, Quentin paid Linda $25,000 in alimony and $4,600 in child support. Linda received a W-2 from her job for $35,000 in 2013. What is Linda’s AGI? (Points : 5)
8. (TCO 8) A revenue agent has determined that Michael understated his tax liability for 2013 by $100,000. The agent concluded that $25,000 of the understatement was due to sloppy record keeping, and the remainder of the understatement was caused by his misapplication of a complex tax provision. What is the negligence penalty that the revenue agent can impose on Michael? (Points : 5)
9. (TCO 8) A revenue agent has determined that Michael understated his tax liability for 2013 by $85,000. The agent concluded that $30,000 of the understatement was due to sloppy record keeping, and the remainder of the understatement was caused by his misapplication of a complex tax provision. What is the negligence penalty that the revenue agent can impose on Michael? (Points : 5)
10. (TCO 9) In which of the following payment situations is there an allowable tax deduction? (Points : 5)


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