ACC 401 Week 3 Quiz

ACC 401 Week 3 Quiz - 1 Question...

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 1. Question : Tamiko buys a painting from a collector for resale in her gallery for  $3,500. She sold it 15 months later for $5,500. What are the nature and  amount of the gain on the sale of the painting?   Student Answer:  $2,000 Section 1245 gain.     $2,000 ordinary income.     $2,000 Section 1231 gain.     $2,000 gain subject to 28% collectibles tax rate.    Points Received: 1 of 1    Comments: Question 2.Question : What form is filed to report the self-employment tax?   Student Answer:  Form 1040.     Schedule SE.     Schedule C.     Schedule D.    Points Received: 1 of 1    Comments: Question 3.Question : Shante is employed by a local pharmaceutical company where she earned  $48,000 in 2014. During the year, she also had self-employment income of $18,000. Her self-employment tax rounded to the nearest dollar is:   Student Answer:  $0.     $2,061.     $2,543.     $2,754.    Points Received: 1 of 1   
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