Quiz 2 SP 11 - 1. Quiz 2 Total Points 2. Less Points Missed...

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1. Quiz 2 Total Points 2 8 2. Less Points Missed ____ 3. Score ACCT 403 QUIZ 2 SPRING 2011 NAME____________________________________ Directions – There are three questions worth a total of 28 points. The value of each question is indicated at the end of each question. For questions 2 and 3, you must show your work to receive credit . 1. Indicate True or False for the following statements based on a 2010 taxable year: (2 points each). _________a. Douglas purchased 300 shares of Carey, Inc. stock for $25 per share. At year end, the value has decreased to $20 per share. Douglas may elect to recognize a taxable loss of $1,500 this year as he has had a decrease in wealth . _________b. John is a sole tax practitioner. During 2010, he recognized a $5,000 loss from the sale of some of his office furniture. The only other time he has sold another business asset was in 2008 when he sold his office desk in which he realized a $1,000 business gain (he also recognized some recapture income not relevant to this problem). For 2010, he may treat $4,000 of the $5,000 loss as an ordinary loss. _________c.
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Quiz 2 SP 11 - 1. Quiz 2 Total Points 2. Less Points Missed...

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