ACCT Week6m Homework ES

Topics: Tax, Taxation, Taxation in the United States Pages: 3 (1725 words) Published: December 6, 2014
These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken:
Time Spent:
1 h , 25 min , 26 secs
Points Received:
73 / 75  (97.3%)

Question Type:
# Of Questions:
# Correct:
Multiple Choice

Grade Details - All Questions

Question 1.
Question :
(TCO E) For federal tax purposes, royalty income not derived in the ordinary course of a business is classified as:

Student Answer:

 active income.

 portfolio income.

 passive income.

 None of the above
Instructor Explanation:
Chapter 7; See the definition of portfolio income in Section 7205 of the textbook.

Points Received:
5 of 5

Question 2.
Question :
(TCO F) When comparing corporate and individual taxation, the following statement is true:

Student Answer:

 Unlike individual taxpayer, corporate may not have a long-term capital loss carryforward.  

 Both types of taxpayers have percentage limitations on the charitable contribution deduction, coupled with a carryover of the excess contribution.  

 All taxpayers may carry net operating losses back two years, forward 20 years.  

 All of the above
Instructor Explanation:
Chapter 14, 14.315; Corporate capital loss carryforwards are all treated as short term.

Points Received:
5 of 5

Question 3.
Question :
(TCO H) Charles and Marcia are married cash-basis taxpayers. In Year 8, they had interest income as follows (Becker CPA Review Course):  $700 interest on federal income tax refund.
$600 interest on state income tax refund.
$800 interest on federal government obligations.
$1,000 interest on state government obligations.
What amount of interest income is taxable on Charles and Marcia's Year 8 joint income tax return?

Student Answer:



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