1. ANS: F
A limited partnership has one or more limited partners that are protected from partnership liabilities, but there
must be at least one general partner. All general partners are jointly and severally lia
Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His
Social Security number is 111-11-1111. Devon does not want $3 to go to the Presidential
Election Campaign Fund.
Devons wife, Ariane, passed away in 2010. Devons son, T
Study Guide- Exam 1
Chapter 1 4 Questions
History of Taxes in America
An income tax was first enacted in 1634 by the English colonists in the Massachusetts Bay Colony, but the Federal
government did not adopt this form of taxation until 1861. In fact, bot
Chapter 08 - Depreciation, Cost Recovery, Amortization, and Depletion
1. Property which is classified as personalty may be depreciated.
LEARNING OBJECTIVES: CMPV.SWFT.LO: 8-01 - LO: 8-01
Chapter 02 - Working with the Tax Law
1. Rules of tax law do not include Revenue Rulings and Revenue Procedures.
Rules of tax law do include Treasury Department pronouncements.
Chapter 05 - Gross Income: Exclusions
1. For a person who is in the 35% marginal tax bracket, $1,000 of tax-exempt income is equivalent to $1,350 of income
that is subject to tax.
2. John told his nephew, Steve, if you maint
Chapter 06 - Deductions And Losses: In General
1. Deductions are allowed unless a specific provision in the tax law provides otherwise.
2. Mitch is in the 28% tax bracket. He may receive a different tax benefit for a $2,000
Chapter 11 - Investor Losses
1. Jack owns a 10% interest in a partnership (not real estate) in which his at-risk amount is $42,000 at the beginning of the
year. During the year, the partnership borrows $80,000 on a nonrecourse note and incurs a loss of $6
Chapter 16 - Accounting Periods and Methods
1. A doctors incorporated medical practice may end the last day of any month of the year.
The corporation in this case is a personal service corporation and must use a calendar yea
Chapter 04 - Gross Income: Concepts And Inclusions
1. The realization requirement gives an incentive to own assets that have increased in value and to sell assets whose value
2. Judy is a cash basis attorney. I
Chapter 07 - Deductions And Losses: Certain Business Expenses And Losses
1. James is in the business of debt collection. He purchased a $20,000 account receivable from Green Corporation for
$15,000. During the year, James collected $17,000 in final settle
Chapter 09 - Deductions: Employee And Self-Employed-Related Expenses
1. One indicia of independent contractor (rather than employee) status is when the individual performing the services is
paid based on time spent (rather than on tasks performed).
Gift Taxes (Purpose of Federal gift tax is to preclude avoidance of the
Federal estate tax)
Other U.S. Taxes
Average Tax Rate = tax liability/tax base
Effective Tax Rate = tax
The triple tax benefit of health savings accounts
By Kate Stalter May 18, 2015 10:11 AM
Americans are generally aware of tax-advantaged investment vehicles such as 401(k) plans, individual
retirement accounts and 529 college savings plans. But one instrum
IRS Expands on Timing of Deducting Year-End Cash Bonuses
by Yuan Chou, J.D., LL.M., Bethesda, Md.
Published May 01, 2014
Editor: Kevin D. Anderson, CPA, J.D.
The IRS's issuance of several items of administrative guidance over the
Taxes 1/20/2015 @ 8:29AM 2,445 views
Tax Geek Tuesday:
Distributions, Part 1
Tony Nitti Contributor
Its been eons since weve had a Tax Geek Tuesday, but thats not to say Ive shirked my
responsibility of trying to make sense of th
Tax Implications for Converting a Primary
Residence to Rental Property
By Kristin McFarland September 17, 2015 9:40 AM
If you have outgrown your current residence or want to move for other reasons, you have a few choices to
make, such as selling or rentin
Oct 26, 2015 @ 01:35 PM 4,518 views
The Top Ten Tax Cases (And Rulings) Of 2015: #10 Cash For Egg Donation Is Taxable Income
Tony Nitti, Contributor
Its finally over. The October 15th tax deadline is behind us, which means tax practitioners have mercifull
Nov 9, 2015 @ 09:40 AM 13,358 views
Renting Your Home On Airbnb? Be Aware Of The
Tony Nitti, Contributor
There was a time when owning a rental property was strictly the domain of the well-to-do. But with hotel
room rates skyrocketing, man
Nov 11, 2015 @ 08:49 AM 1,162 views
Amazingly, IRS Says You Can't Rely On IRS
Robert W. Wood, Contributor
If the IRS gives you instructions how to complete a tax form, you can rely on them, right? You would think so.
Yet, instructions are not
Tax Day extra difficult for many same-sex married
Tax Day gets complicated for same-sex couples in states that don't
recognize their marriages
By Stephen Ohlemacher, Associated Press April 13, 2015 6:58 AM
WASHINGTON (AP) - A necessary burden for
This exam review is intended to give you an idea of the types of numerical questions that may be
tested on the exam. There actual exam may vary in length and format and will contain
conceptual questions in addition to numeri
ACCT 308 Summer 2016
Exam 3 Review
This exam review is intended to give you an idea of the types of numerical questions that may be tested on the
exam. There actual exam may vary in length and format and will contain conceptual questions in addition to