Instructions for Form 8582
Department of the Treasury
Internal Revenue Service
Passive Activity Loss Limitations
Section references are to the Internal Revenue
Code unless otherwise noted.
For the latest developments related to
Award: 11 out of 11.00 points
two different suppliers, Chillicothe Metals and Ames Supply, in approximately equal amounts
Profit or Loss From Business
OMB No. 1545-0074
about Schedule C and its separate instructions is at www.irs.gov/schedulec.
Attach to Form 1040, 1040NR, or 1041; partnerships generally must file Form 1065.
Department of the TreasuryInternal Revenue Service
U.S. Individual Income Tax Return
OMB No. 1545-0074
, 2015, ending
IRS Use OnlyDo not write or staple in this space.
See separate instructions.
For the year Jan. 1Dec. 31, 2015, or oth
Identify the choice that best completes the statement or answers the question.
During 2010, Harry, a self-employed accountant, travels from Kansas City to
31. Miami for a 1-week business trip. While in Miami, Harry decides to stay for an
INDIVIDUAL INCOME TAX CHAPTER 2 QUIZ
Multiple Choice 2-1
The Nature of Gross Income (LO 2.1)
The definition of gross income in the tax law is:
a.All items specifically listed as income in the tax law.
b.All cash payments received for goods provided and se
Direct costs are all expenditures that can be directly and precisely related to a cost
object. The cost object could be anything from a service, unit of product, project and
or separate departments or divisions in a company. They can include
a. No, what Charles did is not justifiable. I think that most people given the circumstances,
could understand why he did what he did. His personal and professional problems put
him under a great deal of pressure. And I can see how he might hav
Process costing is the process of calculating an average cost per unit produced over a given
period. Most companies do this by accumulating departmental costs for a particular period.
When more than one product is produced, the costs must be de
Points are also referred to sometimes as loan origination fees, maximum loan
charges, loan discount or discount points. Points paid on a mortgage loan for a
primary residence are deductible. Points paid on the purchase of a primary
What are some important assumptions commonly made in CVP analysis? Do these assumptions impose
serious limitations on the analysis? Why or why not?
CVP -Cost-Volume-Profit analysis studies the relationships between costs, volume and revenues an
(EPR) which stands for Extended Producer Responsibility otherwise known as take-back laws
have been implemented in Europe since around 1988. Japan adopted EPR for packaging in the
late nineties. The take-back laws make manufacturers and stores