SOUTH WESTERN FEDERAL TAXATION COMPREHENSIVE VOLUME 2011

SOUTH WESTERN FEDERAL TAXATION COMPREHENSIVE VOLUME 2011 -...

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SOUTH WESTERN FEDERAL TAXATION COMPREHENSIVE VOLUME 2011 (CHAPTER 7) In 2010, Juan’s home was burglarized. Juan had the following items stolen: Securities worth $15,000. Juan purchased the securities four years ago for $20,000. New tools which Juan has purchased two weeks earlier for $6,000. Juan uses the to9ols in  making repairs at an apartment house that he owns and manages An antique worth $12,000. Juan inherited the antique (a family keepsake) when the property  was worth $9,000. Answer: $23,500 If qualified production activities income (QPAI) cannot be used in the calculation of the domestic production  activities deduction in 2010 because of the taxable income limitation, the product of the amount not allowed  multiplied by 9% can be carried over for 5 years. Answer: False The amount of a farming loss cannot exceed the amount of the taxpayer’s NOL for the taxable year.
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  • Spring '09
  • ROBERTMCGEE
  • Taxation in the United States, Generally Accepted Accounting Principles, Juan, Domestic Production Activities

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