fall 07 - ACCOUNTANCY 321 Fall, 2007 EXAM II circle one:...

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Unformatted text preview: ACCOUNTANCY 321 Fall, 2007 EXAM II circle one: 9:00 a.m. class 1:00 p.m. class 7:00 p.m. class Name ________________________________ Internal Group # ___________ Professors Bob Capettini and Will Snyder 1. There are 23 pages and 4 questions (each with several subparts) on the exam. Question I 30 points Question II 35 points Question III 20 points Question IV 15 points 2. For the essay questions, make your answers clear and specific. BE SURE TO ANSWER THE QUESTION WHICH IS ASKED (not some other question on the same topic). 3. Questions will be graded for PARTIAL CREDIT. You may receive partial credit ONLY FOR WRITTEN WORK we can follow. 4. DO NOT remove any pages from your test. 5. DO all of your work on this exam. DO NOT use any other sheets for scrap paper (other than your notes, WHICH MUST BE TURNED IN WITH YOUR EXAM). 6. You are expected to do your own work. 7. You will have two hours to take the exam. 1 I. For each of the following situations (Items A L following), indicate whether or not the item is deductible FOR adjusted gross income, FROM adjusted gross income, or NOT deductible. Answer from the perspective of the individual . You are to provide your response and a brief explanation. Each part is worth 2 points. A. The cost of a nurses uniform, reimbursed in full by the nurses employer. The reimbursement was not included in gross income. FOR FROM NOT (please circle one choice). Brief Explanation __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ B. Rental cost of taxpayers safe deposit box which contains only personal documents. FOR FROM NOT (please circle one choice). Brief Explanation __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ 2 C. Accountants fee incurred in challenging a tax deficiency related to a medical expense deduction claimed two years ago. FOR FROM NOT (please circle one choice). Brief Explanation __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ D. Loss on the sale of corporate bonds. These bonds were held as an investment. FOR FROM NOT (please circle one choice). Brief Explanation __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ 3 E. Travel expenses (away from home) incurred as an employee. These expenses were not reimbursed....
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This note was uploaded on 01/06/2010 for the course ACCTG 321 taught by Professor Will during the Spring '08 term at San Diego State.

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fall 07 - ACCOUNTANCY 321 Fall, 2007 EXAM II circle one:...

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