spring 07 - ACCOUNTANCY 321 Spring, 2007 EXAM II circle...

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Unformatted text preview: ACCOUNTANCY 321 Spring, 2007 EXAM II circle one: 1:00 p.m. class 7:00 p.m. class Name ________________________________ Internal Group # ___________ Professors Bob Capettini and Will Snyder 1. There are 16 pages and 5 questions (each with several subparts) on the exam. Question I 30 points Question II 21 points Question III 9 points Question IV 30 points Question V 10 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. Howard Corporation is a calendar year C corporation. The corporations records revealed the following for its calendar year 2006: Gross profit from sales $900,000 Cash operating expenses 350,000 Depreciation expense 110,000 Dividend income received from taxable publicly traded domestic corporations (Howard owns 40% of each of these companies) 200,000 Dividends paid to shareholders 125,000 Long-term capital losses ( 85,000) Short-term capital gains 60,000 Charitable contributions 100,000 Capital loss carryforward (from 1995) (25,000) A. Please list and explain three special tax limitations on deductions which must be taken into consideration in the determination of Howard, Inc.s taxable income. Do not compute Howards taxable income, instead discuss the critical tax issues involved in the computational process. Please list only three special tax limitations on deductions. ( 3 pts. each ) __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ 2 __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________...
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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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spring 07 - ACCOUNTANCY 321 Spring, 2007 EXAM II circle...

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