9. (TCO F) (Becker CPA Review Exam Reg. 1) Randolph is a single individual who always claims the standard deduction. Randolph received the following in the current year:Wages$ 22,000Unemployment compensation6,000Pension distribution (100% taxable)4,000A state tax refund from the previous year425What is Randolph’s gross income?(Points : 17)
10. (TCO H) Alex Smith purchased 30 shares of XYZ stock on April 30, 2010 for $210, and on September1, 2010, he purchased 90 additional shares for $900. On November 8, 2010, he sold 48 shares, which could not be specifically identified, for $528, and on December 15, 2010, he sold another 25 shares for $50. What is his recognized gain or loss?(Points : 17)
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- Fall '14
- Taxation in the United States
