20111012 Quiz 2 Item Analysis

# 20111012 Quiz 2 Item Analysis - ExamStatistics...

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Exam Statistics Data Collected On 10/12/2011 at 12:37 PM MST   Highest Score: 84 pts. (84%) Lowest Score: 28 pts. (28%) Range: 56 pts. Mean: 60.7 pts. Median: 64 pts. Mode: 72 pts. Difficulty (Mean P-Value): .61 Standard Deviation: 15.14 Semi-Interquartile Range: 14 Number of Respondents: 23 Number of Questions: 25 Points Possible: 100 pts. Note:  Statistics based on the sum of points achieved on questions.

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Points Achieved  Frequency Percentile   Frequency  Distribution: 84 pts.   2 (8.7%) 95.65   76 pts.   1 (4.35%) 89.13   72 pts.   5 (21.74%) 76.09   68 pts.   2 (8.7%) 60.87   64 pts.   2 (8.7%) 52.17   60 pts.   3 (13.04%) 41.3   56 pts.   2 (8.7%) 30.43   44 pts.   2 (8.7%) 21.74
40 pts.   3 (13.04%) 10.87   28 pts.   1 (4.35%) 2.17   Question Statistics   Data Collected On 10/12/2011 at 12:37 PM MST Page 1 Questions  1-25. Quiz 2   Ann Jones uses a dry cleaning machine in her business, and it was completely destroyed  by fire. At the time of the fire, the adjusted basis was \$20,000 and its fair market value  (FMV) was \$18,000. How much is Ann's loss?   # of Respondents: 23 Difficulty: .52 Discrimination: .25   Frequency: 6 (26.09%)   \$18,000

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5 (21.74%)   \$2,000     12 (52.17%) \$20,000     0 (0%)   None of the above   Which of the following is not a passive activity?   # of Respondents: 23 Difficulty: .7 Discrimination: .4   Frequency: 2 (8.7%)   Owning a business and not materially participating     2 (8.7%)   Having rental condos     (13.04%)   Owning a limited partnership interest in a real estate limited  partnership     16  (69.57%) Owning a working interest in oil and gas properties   All of the outstanding stock of a closely held " C" corporation is owned equally by Evelyn  Humo and Steve Bufusno. In 2010, the corporation generates taxable income of \$20,000  from its active business activities. In addition, it earns \$20,000 of interest from investments  and incurs a \$40,000 loss from a passive activity. How much income does the "C"  corporation report for 2010?   # of Respondents: 23 Difficulty: .39 Discrimination: .34   Frequency: 0 (0%)   \$10,000 of portfolio income     9 (39.13%) \$40,000 taxable income and \$40,000 passive loss.     11    \$20,000 of portfolio income
(47.83%)     3 (13.04%)   None of the above   John Mapp dies in 2009 with passive activity property having an adjusted basis of \$50,000,  suspended losses of \$20,000, and a fair market value at the date of Mr. Mapp's death of  \$77,000. How much suspended loss can be taken on Mr. Mapp's final Form 1040 return?   # of Respondents: 23 Difficulty: .39 Discrimination: .46   Frequency: 9 (39.13%)   \$20,000     1 (4.35%)   \$77,000     4 (17.39%)   \$7,000     9 (39.13%) \$0.   Billy Ray owns several parcels of rental real estate, and he actively participates in managing  the properties. His total loss from these activities in 2010 is \$30,000. Assuming that his AGI  for 2010 is \$110,000, what is the allowable deduction from these properties in 2010?

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