FINAL EXAMINATION REVIEW QUESTIONS ACCOUNTING 305 TRUE/FALSE 1. Any personal expenditures not specifically allowed as itemized deductions by the tax law are nondeductible. ANS: T Only those personal expenditures that are allowed by the tax law are deductible as itemized deductions. PTS: 1 REF: p. 10-2 2. The election to itemize is appropriate when total itemized deductions are less than the standard deduction based on the taxpayer’s filing status. ANS: F The election to
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1) Which of the following statements regarding proposed regulations is not correct? A. Proposed and temporary regulations are generally issued simultaneously. B. Proposed regulations do not provide any insight into the IRS’s interpretation of the tax law. C. Proposed regulations expire after 3 years. D. Practitioners and other interested parties may comment on proposed regulations. 2) Regulations are A. presumed to be valid and to have almost the same weight as the IRC B. equal in
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on $ 160‚000 | | On $ 82‚400 | $ 16‚781 | On $ 77‚600 *28% | 21‚728 | | $ 38‚509 | Calculation of AMT Taxable Income | $ 160‚000 | Positive AMT adjustment | 40‚000 | Tax preference | 35‚000 | AMTI | $ 235‚000 | Exemption($ 46‚700-25% ($235‚000-$112‚500) | (16‚075) | AMT Base | $ 218‚925 | Rate | | 26% * $ 175‚000 $ 45‚500 | | 28% 8 $ 43‚925 12‚ 299 | | AMT | $ 57‚799 | Income tax | (38‚509) | AMT
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of abode are found in the different municipalities in Abra as follows * Adasen- Lagayan‚ San Juan and Tineg * Banaw - Daguioman‚ Malibcong‚ also found in Balbanlan * Binungan - Baay-Licuan and Lacub * Balatok - in the villages of Amti‚ Kilong-olaw‚ & Danak‚ all in Boliney * Belwang - in the village of Dao-angan in Boliney * Gubang - Malibcong * Inlaud - Lagangilang and Peñarrubia‚ in Lumaba village of Villaviciosa‚ in the villages of Abang and Patoc in Bucay‚
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ACC 455 FINAL EXAMS FOR ANSWERS VISIT: www.finalexamguideline.com 1) Regulations are A. equal in authority to legislation if interpretative B. equal in authority to legislation if statutory C. equal in authority to legislation D. presumed to be valid and to have almost the same weight as the IRC 2) Identify which of the following statements is false. A. All are false. B. Members from both the House and
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True / False – Chapter 13 Maria defers $100 of gain realized in a section 351 transactions. The stock she receives in the exchange has a fair market value of $500. Maria ’s tax basis in the stock will be $400. True Control as it relates to a section 351 transaction is strictly defined to be 80 percent or more of the voting power of the stock of the corporation to which property is transferred. False The definition of property as it relates to a §351 transaction includes money. True To meet
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1276. CHAPTER 11—INVESTOR LOSSES Question TF #1 Stuart is the sole owner and a material participant in a business in which he has $50‚000 at risk. If the business incurs a loss of $80‚000 from operations‚ Stuart can deduct the full amount. a. True *b. False 1277. CHAPTER 11—INVESTOR LOSSES Question TF #2 Stan owns a 20% interest in a partnership (not real estate) in which his at-risk amount was $38‚000 at the beginning of the year. During the year‚ the partnership borrows
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INFORMATIVE SPEECH OUTLINE Topic: Baby Dumping General Purpose: To inform Specific Purpose: To inform the audience about baby dumping Central idea: The speech is about the definition of baby dumping‚ cause and effects and who to be Blame Thesis Statement: Baby dumping cases has become a major issues of social crisis and Become a chronic increase in Malaysia Organizational pattern: Topical * Introduction Attention getter * Are you proud to be a Malaysian
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not dumping should be permitted is a moral question. b. “Are dangerous products of any use in the third world?” is a nonmoral (scientific) question. c. “Is it proper for the U.S. government to sponsor the export of products overseas?” is a moral question. d. Weather or not the notification system works as its supporters claim it works is a nonmoral (factual) question. e. “Is it legal to dump this product overseas?” is a nonmoral (legal) question. 2. Explain what dumping is‚
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not dumping should be permitted is a moral question. b. “Are dangerous products of any use in the third world?” is a nonmoral (scientific) question. c. “Is it proper for the U.S. government to sponsor the export of dangerous products oversea?” is a moral question. d. Whether or not the notification system works as its supporters claim works it nonmoral (factual) question. e. “Is it legal to dump this product overseas?” is a nonmoral (legal) question. 2. Explain what dumping is
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