Acct 553 final exam Study guides, Class notes & Summaries

For Federal income tax purposes, a business entity with two or more owners may be conducted as a partnership, C corporation, S corporation, or limited liability company. - ANSWER True Daniel, who is single, estimates that the profits of his business for the current tax year will be $100,000. Since the highest tax rate (34%) applicable to corporate taxable income of $100,000 is greater than the highest tax rate (28%) applicable to individual taxable income of $100,000, the Federal income tax l...

S corporations are treated as partnerships under state property laws. - ANSWER False Liabilities affect the owner's basis differently in an S corporation than they do in a partnership. - ANSWER True Distributions of appreciated property by an S corporation are not taxable to the entity. - ANSWER False An S corporation cannot incur a tax liability at the corporation level. - ANSWER False Where the S corporation rules are silent, C corporation provisions apply. - ANSWER True A newl...

ACCT 553 Final Exam (TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows. Interest on savings account with Bank of America: $50 Interest on state income tax refund: $25 Gambling winnings: $2,400 Dividends from mutual life insurance company on life insurance policy: $500 Dividends from Better Auto Co. received on January 2, 2011: $875 The total dividends received on the life insurance policy do not...

ACCT 553 Final Exam (TCO E) For federal tax purposes, income attributable to the direct efforts of the tax payer, such as salary, is classified as: (TCO D) Which of the following is an example of a nontaxable like-kind exchange? (TCO H) Alex and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $90,000. They had net investment income of $8,000. In 2012, they had the following interest expenses: • Personal credit card interest: $5,000 • Home mortgage interes...

ACCT/553 Federal Taxes and Management Decisions Final Exam (TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows. Interest on savings account with Bank of America: $50 Interest on state income tax refund: $25 Gambling winnings: $2,400 Dividends from mutual life insurance company on life insurance policy: $500 Dividends from Better Auto Co. received on January 2, 2011: $875 The total dividends r...

NURS 6660 Midterm Exam 1 – Question and Answers Jack is a 3-year-old boy who is being evaluated for developmental delay. The mental status examination is significant for an inability to stack two blocks or draw a circle. The PMHNP also appreciates the inability to attend to any task for more than a few seconds. These findings indicate an abnormality in: During the mental status exam of Oliver, a 4-year-old child, the PMHNP appreciates that he appears to be having transient visual and auditory...

ACCT 553 Federal Taxes and Management Decisions Midterm Exam (TCO C) Under current accounting practice, intangible assets are classified as (Points: 5) amortizable or unamortizable. limited-life or indefinite-life. specifically identifiable or goodwill-type. legally restricted or goodwill-type. (TCO C) Which of the following intangible assets should not be amortized? (Points: 5) Copyrights Customer lists Perpetual franchises All of these intangible assets should be amortiz...

ACCT 553 Final Exam (TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows. Interest on savings account with Bank of America: $50 Interest on state income tax refund: $25 Gambling winnings: $2,400 Dividends from mutual life insurance company on life insurance policy: $500 Dividends from Better Auto Co. received on January 2, 2011: $875 The total dividends received on the life insurance policy do n...

CO E) For federal tax purposes, income attributable to the direct efforts of the tax payer, such as salary, is classified as: (TCO D) Which of the following is an example of a nontaxable like-kind exchange? (TCO H) Alex and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $90,000. They had net investment income of $8,000. In 2012, they had the following interest expenses: • Personal credit card interest: $5,000 • Home mortgage interest: $10,000 • Interest paid ...