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:
11/29/2014
Time Spent:
1 h , 25 min , 26 secs
Points Received:
73 / 75  (97.3%)

Question Type:
# Of Questions:
# Correct:
Multiple Choice
8
8
Essay
2
N/A

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
 
Comments:

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
 
Comments:

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:

 $700
 

 $1,300
 

 $2,100
 ...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • homework Essay
  • Homework Es Week2 Essay
  • ACCT Essay
  • Acct553 Homework Es Essay
  • Homework Es Essay
  • Acct 551
  • ACCT Week 3 Homework Essay
  • ACCT 553 Week 3 Homework ES Essay

Become a StudyMode Member

Sign Up - It's Free