Unformatted text preview: application of the subject matter, your ability to organize and present such knowledge will also be considered. • Show your work and label computations for partial credit. • Make sure that you answer each part of the question. • You must turn in your exam no later than 8:50 p.m. • Allocate your time ± wisely. • Good Luck! ♣ You may need the following tax information which relates to 2008: • Personal exemptions are $3,500 each. • The standard deduction on a joint return is $10,900. • Itemized deductions are reduced by 3% of AGI over $159,950. • The maximum Sec. 179 write-off is $250,000. • The first-year depreciation rate for 7-year property is14.29%. • The $25,000 limit for rental losses is reduced by 50% of AGI over $100,000. • The percentage for computing the domestic production activities deduction is 6%...
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- Fall '09
- Taxation in the United States, favorable tax consequences, Dr. Kelliher