BUS168A - Quiz- Ch 7 - Winter 2010 - Quiz - Chapter 7 - BUS...

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Quiz - Chapter 7 - BUS 168A - Winter 2010 True/False Indicate whether the statement is true or false. ____ 1. The cost of repairs to damaged property may be acceptable as a measure of the loss in value of the property. ____ 2. Expenses in connection with the acquisition of land are not research and experimental expenditures. ____ 3. The domestic production activities deduction (DPAD) for 2009 cannot exceed 50% of all W-2 wages paid by the taxpayer during the tax year. ____ 4. A taxpayer must carry any NOL incurred back two years. ____ 5. The amount of a farming loss cannot exceed the amount of the taxpayer’s NOL for the taxable year. Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 6. On June 2, 2008, Fred’s TV Sales sold Mark a large HD TV, on account, for $12,000. Fred’s TV Sales uses the accrual method. In 2009, when the balance on the account was $8,000, Mark filed for bankruptcy. Fred was notified that he could expect to receive 60 cents on the dollar of the amount owed to him. In 2010, final
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BUS168A - Quiz- Ch 7 - Winter 2010 - Quiz - Chapter 7 - BUS...

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