CHAPTER 7 GRADED QUIZ

CHAPTER 7 GRADED QUIZ - 1 phft24i1.757...

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1. phft24i 1.7-57 During the year Jason and Kristi, cash basis taxpayers, paid the following State gift tax $1,000 Property tax on home in the United States 4,100 State income tax (withholdings) 3,000 Estimated federal income tax 4,500 Estimated state income tax (paid by check) 800 Special assessment by city for sidewalks and street lighting  on their street 2,000 What amount can Kristi and Jason claim as an itemized deduction for tax return in the current year?  Student  Response Value Correct Answer Feedback A. $10,900 0% B. $8,900 0% C.  $7,900 100% D.  $15,400 0% Score: 1/1  Comments: 2. phft24i 1.7-58 In February of the current year (a non-leap year), Ken and Kelsey receive for last calendar-year taxes of $1,600, which they paid to the taxing autho year. They had purchased their home on May 1 last year. What amount o statement may they claim as an itemized deduction this year?  Student  Response Value Correct Answer Feedback A. $1,074 100% B. $1,069 0% C.  $0 0% D.  $1,600 0%
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Score: 0/1  Comments: 3. phft24i 1.7-59 On September 1, of the current year, James, a cash-basis taxpayer, sells basis taxpayer, for $100,000. James' basis in the farm is $65,000. The re calendar year. Real estate taxes on the property for the year are $3,650 a of the current year. The sales agreement does not provide for apportionm between the buyer and seller. Assume Bill pays all of the real estate taxe effects of this sales structure will be: Student  Response Value Correct Answer Feedback A.  Taxes   allocated to   James   Taxes   allocated to   Bill  Effect   on James'   Gain  $1,220  $2,430  increase  gain by  $1,220 0% B.  Taxes   allocated to   James   Taxes   allocated to   Bill  Effect   on James'   Gain  $2,430  $1,220  increase  gain by  100%
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Student  Response Value Correct Answer Feedback $2,430 C.  Taxes   allocated to   James   Taxes   allocated to   Bill  Effect   on James'   Gain  $3,650 $0  decrease  gain by  $1,220 0% D.  Taxes   allocated to   James   Taxes   allocated to   Bill  Effect   on James'   Gain  $0 $3,650  no effect on  gain 0% Score: 1/1  Comments: 4. phft24i 1.7-60 On September 1, of the current year, Samuel, a cash-basis taxpayer, sell cash-basis taxpayer for $100,000. Samuel's basis in the farm is $65,000. the calendar year. Real estate taxes on the property for the year are $3,6 of the following year. The sales agreement does not provide for apportion between the buyer and seller. Assume Samuel pays all of the real estate effects of this sales structure will be:  Student  Response Value Correct Answer Feedback
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Student  Response
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This note was uploaded on 03/24/2012 for the course ACC 314 taught by Professor Dee during the Spring '12 term at Gardner-Webb.

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CHAPTER 7 GRADED QUIZ - 1 phft24i1.757...

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