BUS 168A Final Exam Answers - B U S 168A F in a l E x a m D...

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Unformatted text preview: B U S 168A F in a l E x a m D e c e m b e r 1 1 2009 University o f C a lifo rn ia R iv e rs id e P r o f W e a v e r A n s w e r S e c tio n M U L T I P L E C H O IC E 1 A N S C Ordinary loss sm all business stock Long te r m capital gain L e s s long te r m capital lo ss w o rth le s s s e c u ritie s N e t long te r m capital gain L e s s s h o rt te rm capital lo ss nonbusiness b a d d e b t N e t s h o rt te r m capital lo ss S h o rt te rm capital lo ss lim ite d to P T S 1 D IF 2 R E F p 7 4 to 7 7 N A T A IC P A F N M e a s u re m e n t I A A C S B Analytic 2 A N S A Salary Personal u s e casualty gains in e x c e s s o f personal u s e casualty lo sse s 10 0 0 0 10 0 0 0 Adjusted gross in c o m e L e s s D e d u c tio n s Item ized deductions Casualty lo ss 17 0 0 0 10 0 0 0 A G I f lo o r 10 x 4 0 0 0 0 D eductible casualty loss O th e r ite m iz e d d e d u c tio n s T o ta l item ized deductions Standard deduction larger th a n item ized d e d u c tio n s P e rso n a l exemption 3 6 5 0 x 2 Taxable in c o m e 5 0 0 0 1 0 0 0 4 0 0 0 9 0 0 0 2 0 0 0 O B J 1 I 2 M S C 10 m in 7 0 0 0 4 0 0 0 3 0 0 0 4 0 0 0 7 00Q D IF 2 R E F p 7 10 to 7 15 N A T A IC P A F N M e a s u re m e n t I A A C S B Analytic P T S 1 O B J 4 M S C 10 m in 3 A N S C Operating lo ss N o n b u s in e s s long te r m capital gain In te re s t in c o m e Adjusted gross in c o m e L e s s Item ized deductions P e rso n a l exemptions 2 x 3 6 5 0 T a x a b le in c o m e T a x a b le in c o m e P e rso n a l exemptions E xce ss o f n o n b u sin e ss d e d u c tio n s 8 0 0 0 3 0 0 0 4 0 0 0 0 4 0 0 0 0 11 4 0 0 7 3 0 0 2 1 3 0 0 10 0 0 0 2 0 0 0 6 0 0 0 2 0 0 0 12 0 0 0 7 3 0 0 2 1 3 0 0 21 3 0 0 7 3 0 0 o v e r n o n b u sin e ss incom e Item ized deductions Nonbusiness long te r m capital gain In te re s t incom e N e t operating lo ss 12 0 0 0 2 0 0 0 6 0 0 0 4 0 0 0 IO OOOJ P T S 1 O B J 7 M S C 10 m in 4 A N S C 3 0 0 0 1 0 0 0 12 0 0 0 11 4 0 0 1 4 0 0 D IF 2 R E F p 7 21 1 p 7 2 2 N A T A IC P A F N M e a s u re m e n t I A A C S B Analytic S ta n d a rd deduction w o u ld be used P T S 1 O B J 7 M S C 5 m in 5 A N S A Fines and penalties a r e n o t d e d u ctib le choice a D IF 1 R E F p 7 211 p 7 2 2 N A T A IC P A F N M easurem ent 1 A A C S B Analytic P T S 1 O B J 2 M S C 2 m in 6 A N S D 2 100 8 0 0 5 0 0 5 0 6 0 0 4 0 0 3400 N o allocation is required fo r dom estic transportation c o s ts i e th e a irfa re D IF 1 R E F p 9 8 1 p 9 3 2 N A T A IC P A F N M easurem ent I A A C S B Analytic P T S 1 D IF 2 R E F Example 2 0 O B J 3 N A T A IC P A F N M e a s u re m e n t I A A C S B Analytic M S C 10 m in 7 A N S A Although a reduced ra te is in e ffe c t th e c u tb a c k adjustment s till applies to p e rs o n s subject to regulation by th e U S Department o f Transportation P T S I O B J 6 M S C 5 m in 8 A N S C C o s m e tic s u rg e ry is n e ce ssa ry a n d therefore deductible when it a m e lio ra te s 1 a deformity arising fro m a congenital abnormality...
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BUS 168A Final Exam Answers - B U S 168A F in a l E x a m D...

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