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(TCO E) For federal tax purposes, royalty income not derived in the ordinary course of a business is classified as:
None of the above
Chapter 7; See the definition of portfolio income in Section 7205 of the textbook.
5 of 5
(TCO F) When comparing corporate and individual taxation, the following statement is true:
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
Chapter 14, 14.315; Corporate capital loss carryforwards are all treated as short term.
5 of 5
(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?
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