Final Exam 2 - ACC/483 Final Examination Due Week 5...

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ACC/483 Final Examination Due Week 5 (Monday, January 17, 2011) Please enter the letter for your answer in the space provided next to each question. 1. Answer____A______ Shaquille buys new cars for five of his friends. Each car cost $41,000. What is the amount of Shaquille's taxable gifts? A) $0 B) $140,000 C) $188,000 D) $200,000 2. Answer_____D_____ The term "tax law" includes A) Internal Revenue Code. B) Treasury Regulations. C) judicial decisions. D) all of the above 3. Answer_____C_____ All of the following are executive (administrative) sources of tax law except A) Internal Revenue Code. B) Income Tax Regulations. C) Revenue Rulings. D) Revenue Procedures 4. Answer______B____ Which of the following individuals is most likely to be audited? A) Lola has AGI of $35,000 from wages and uses the standard deduction. B) Marvella has a $145,000 net loss from her unincorporated business (a horse farm). She also received $350,000 salary as a CEO of a corporation. C) Melvin is retired and receives Social Security benefits. D) Jerry is a school teacher with two children earning $45,000 a year. He also receives $200 in interest income on a bank account. 5. Answer_____D_____ All of the following items are included in gross income except A) alimony received. B) rent income. C) interest earned on a bank account. D) child support payments received.
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6. Answer_____A_____ Which of the following types of itemized deductions are included in the category of miscellaneous expenses that are
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Final Exam 2 - ACC/483 Final Examination Due Week 5...

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