Employee wages 15000 Income from rental real estate 20000 Charitable

Employee wages 15000 income from rental real estate

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Employee wages $15,000 Income from rental real estate $20,000 Charitable contributions $500 Cost of goods sold $10,000 Income from chair sales $75,000 A. $65,000 B. $69,500 C. $50,000 D. $30,000 Rationale: Do not include items stated separately to shareholders when calculating ordinary income (loss) for the business. Rental activity income and charitable contributions are separately stated on the K-1. Ordinary income = $50,000 ($75,000 - $15,000 - $10,000). Correct Answer: C 56 Business Section 2: Business Financial Information Business expenses deductions and credits D C 07/20/2012 Subject: Reporting requirements for company employees (W-2, W-4, Form 1099)
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7/20/12 Completed on 07/20/2012 with a score of <b>20%</b> including 20 Correct and 80 Incorrect 32/58about:blank FFA EA Book Reference: CH 10 Business Entities Question:Milton Manning, an experienced tile setter, orally agreed with NOP Company to perform full-time servicesat construction sites. He uses his own tools and performs services in the order designated by NOP andaccording to its specifications. NOP supplies all materials, makes frequent inspections of his work, payshim on a piecework basis, and carries workers\' compensation insurance on him. He does not have a placeof business or hold himself out to perform similar services for others. Either party can end the services atany time. What is the employment status for Milton Manning? 57 Business Section 3: Specialized Returns and Tax Payers Trust and estate income tax A D 07/20/2012 Subject: Distributable net income FFA EA Book Reference: CH 16 Specialized Returns Question:Bill Johnson\'s will provided that $10,000 a year would be paid to his widow and $5,000 a year to his sonout of the estate\'s income. There were no charitable contributions made. If the estate\'s distributable netincome for the year was $12,000, how much of the distribution is taxable to Bill\'s son?
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7/20/12 Completed on 07/20/2012 with a score of <b>20%</b> including 20 Correct and 80 Incorrect 33/58 about:blank 58 Business Section 3: Specialized Returns and Tax Payers Trust and estate income tax B B 07/20/2012
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