BUS 168A Final Exam Questions - B U S 1 6 8 A F in a l E x...

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Unformatted text preview: B U S 1 6 8 A 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 Multiple C h o ic e Identify the choice that best completes the s t a t e m e n t o r a n s w e r s the question I O n February 2 0 2 0 0 8 B ill purchased s to c k in P in k Corporation th e stock is n o t s m a ll business s to c k fo r 1 0 0 0 O n May 1 2 0 0 9 th e s to c k b e ca m e w o rth le s s During 2 0 0 9 B ill a ls o h a d a n 8 0 0 0 lo s s o n S 1 2 4 4 sm all b u sin e ss s to c k purchased t w o years a g o a 9 0 0 0 loss o n a nonbusiness bad debt and a 5 0 0 0 long te r m capital gain H o w should B ill tr e a t these items o n h is 2 0 0 9 ta x r e tu r n a 4 0 0 0 long te r m capital loss and 9 0 0 0 short te r m capital lo ss b 4 0 0 0 long te r m capital loss and 3 0 0 0 short te r m capital loss c 8 0 0 0 ordinary loss and 3 0 0 0 short te rm capital loss d 8 0 0 0 ordinary loss a n d 5 0 0 0 short te rm capital lo ss e 8 0 0 0 long te r m capital lo ss a n d 6 0 0 0 s h o rt te r m capital lo ss 2 In 2 0 0 9 N e d a n d Mary had the following ite m s Salary Personal u s e casualty gain P e rso n a l u s e casualty lo ss after 5 0 0 f lo o r O th e r item ized deductions 4 0 0 0 0 10 0 0 0 17 0 0 0 4 0 0 0 Assuming that Ned a n d Mary file ajoint r e t u r n determ ine th e ir taxable incom e fo r th e c u r r e n t y e a r a 21 3 0 0 b 2 6 0 0 0 c 2 7 2 0 0 d 3 0 2 0 0 e N o n e o f th e above 3 Jack age 3 0 and m arried w ith n o dependents is a s e lf employed in d iv id u a l F o r 2 0 0 9 h is s e lf employed business s u s ta in e d a n e t lo ss fro m operations o f 10 0 0 0 T h e following additional inform ation w a s o b ta in e d fro m h is personal re c o rd s fo r th e y e a r 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 Ite m iz e d deductions consisting o f ta x e s a n d in te re s t 2 0 0 0 6 0 0 0 12 0 0 0 B a s e d o n t h e a b o v e inform ation w hat is J a c k s n e t operating loss fo r th e c u rre n t y e a r ifh e a n d h is sp o u se file ajoint r e t u r n a 2 0 0 0 b 8 0 0 0 c 10 0 0 0 d 11 0 0 0 e 16 4 0 0 4 S te v e a n d Holly have th e following ite m s fo r 2 0 0 9 D ividend in co m e In te re s t in c o m e Ite m iz e d d e d u c tio n s n o n e o f th e a m o u n t re s u lte d fro m a casualty lo ss B u s in e s s capital gains 5 0 0 0 7 0 0 0 9 0 0 0 1 0 0 0 9 In Shelby County th e re a l property t a x y e a r is th e calendar y e a r T h e re a l property t a x becomes a personal liability o f th e o w n e r o f re a l property o n January 1 in th e c u r r e n t re a l property t a x y e a r 2 0 0 9 T h e ta x is payable o n June 1 2 0 0 9 O n April 3 0 2 0 0 9 J u lio sells h is house to A n ita fo r 2 3 0 0 0 0 O n June 1 2 0 0 9 A n ita p a y s th e e n tire re a l e s ta te ta x o f 7 3 0 0 fo r th e y e a r ending D e c e m b e r 31 2 0 0 9 H o w m u c h o f th e property ta x e s m a y J u lio d e d u ct a 0 b 2 3 8 0 c 2 4 0 0 d 4 9 2 0...
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BUS 168A Final Exam Questions - B U S 1 6 8 A F in a l E x...

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