C12-Chp-00-2-CPA-Rev-Code-Exercise-2011-Sol

C12-Chp-00-2-CPA-Rev-Code-Exercise-2011-Sol - Questions

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Questions 2df5f1c3f57f21e99bdfe2a55a7b28a57bebfdc2.xls Page 1 of 2 Section No. Review Exercise for First Corporate Tax Class Part 1. Filing Status 1 Joan was divorced from her husband in 2009. She supports her 4 year-old daughter who lives with her. Joan pays all costs of maintaining her home. Code Section 2(b) Joan has not married again. What is Joan's filing status for 2011? 1(b) Answer? ______________________ in income or deducted from income on Form 1040 and schedules. Part II. Possible Income Items for 2011 Amount Form 1040 61(a)(1), 1.61-2(a) 2 Joan earned a salary as a nurse at a hospital: $50,000 Income 3 Hospital requires employees to eat lunch in the hospital cafeteria so they will be available in case of emergencies. The hospital provides lunch free of charge. Value: $10 Joan eats 5 lunches per week for 50 weeks per year: 250 Value of lunches: $2,500 119(a), 1.119-1(a) How much income is reported by Joan for the lunches? Income 4 The hospital provides health insurance for Joan and daughter. The cost of this coverage for Joan and daughter: $4,800 106, Reg. 1.106-1 How much income does Joan report for this benefit? Income 5 Hospital reimbursed Joan for child care for daughter. $6,000 129(a)(2) How much income is reported for this benefit? Income 6 The hospital provides group-term life insurance for Joan. The amount of coverage for Joan is $40,000 Cost to the hosptial for her coverage for the year was $1,000 79(a), Reg. 1.79-3(d) How much income is reported for this benefit? Income 7 Hospital reimbursed Joan for her cost of renewing her $400 132(a)(3), (d) nursing license. Joan reports how much income? Income 8 Joan won the Publishers' Clearing House contest. $20,000 74(a) How much income is reported for this winning? Income 9 Joan's former husband paid her these amounts in the year: Alimony ($1,000 per month) $12,000 Child support ($2,000 per month) $24,000 How much income is reported by Joan? Income 10 On January 1, this year, Joan's aunt gave her a stamp collection she had owned for 10 years. Aunt's cost: $4,000 Value of collection on date of gift: $10,000 102(a) How much income does Joan report for this gift? Income 11 On July 1, this year, Joan's aunt died. Joan inherited some land from her Aunt. Aunt's cost of the land: $20,000 Value of land on date of Aunt's death: $30,000 102(a) How much income does Joan report for this inheritance? Income
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This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

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C12-Chp-00-2-CPA-Rev-Code-Exercise-2011-Sol - Questions

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