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fall_2009_coverpage_exam_1 - application of the subject...

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TAX 6845 – Exam 1 October 1, 2009 (Dr. Kelliher) Name: Points available Points earned Part 1: Discussion question 15 Part 2: Short answer/problem 20 Part 3: Discussion question 10 Part 4: Discussion question 10 Part 5: Short answer/problem 20 Part 6: Favorable tax consequences? yes/no (explain) 25 Total Exam 1 100 Points Notes: This exam is closed book & closed notes. This exam has x pages (including this cover sheet). Three discussion questions, two short answer/problems and the final question that describes a transaction or event & you are asked if it has favorable tax consequences – yes/no (and if no, explain why). The accountant is continually confronted with the necessity of expressing his opinions and conclusions in written reports in clear, unequivocal language. Although the primary purpose of this examination is to test your knowledge and
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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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