Midterm Fall 2016 SOLUTIONS.docx

Midterm Fall 2016 SOLUTIONS.docx - State University of New...

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State University of New York at Oswego School of Business ACC 330 Dean Crawford Federal Income Tax I Office: 328 Rich Hall Fall 2016 Phone: 312-3561 E-mail: [email protected] Midterm Exam October 27, 2016 Name: SOLUTION This exam has four questions worth a total of 100 points. You have one hour and twenty minutes to complete it. This exam booklet is seven pages long, not counting this title page. Page 7 contains the tax rate schedules for 2015, which will be useful for the third problem. Please check to make sure your booklet is complete. Please put your answers in the spaces provided in the exam booklet. Partial credit may be available, but only if you show precisely how you arrived at your answer. No credit is deducted for purely arithmetic errors. You may use a calculator, your text book, and any other materials you bring with you. Good luck! 6
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Name: SOLUTION I. (25 points) Frank is single with no dependents. He was 45 years old in 2016. In April 2016, he quit his job in Baltimore and accepted a new position in Los Angeles. In May Frank hired a van to move his household belongings to Los Angeles. He drove his car 2,700 miles from Baltimore to Los Angeles. On the way, he stayed overnight in hotels near Louisville KY, Tulsa OK, and Albuquerque NM. He made the following payments in 2016 related to the move: Moving van cost $ 3,755.00 Meals while on the road to Los Angeles 817.00 Lodging while on the road to Los Angeles 425.00 Commission on the sale of his Baltimore home 2,100.00 During 2016 Frank’s salary was $95,000.00. He paid $3,100.00 in state income taxes, $2,800.00 in property taxes, and $4,600.00 in home mortgage interest in 2016.
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  • Spring '14
  • DeanCrawford
  • Accounting, Taxation in the United States

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