Property Transactions: Determination of Gain
CHAPTER 13 Review Quiz
Tyler borrowed $3,500 to purchase a machine. He later borrowed $1,500 using the machine
as collateral. Both notes are nonrecourse. Ten years later, the machine has an adjusted bas
CHAPTER 11 Review Quiz
Wallace owns five activities. He elects not to group them together as a single activity
under the "appropriate economic unit" standard. He participates for 110 hours in
Activity A, 150 hours in Activity B, 10
Deductions and Losses: In General
CHAPTER 6 Review Quiz
Elizabeth sells land to her adult son, Bradley, for its $50,000 appraised value. Her adjusted
basis for the land is $55,000. Elizabeths recognized loss is $0 and Bradleys adjusted basis
Depreciation, Cost Recovery, Amortization, and Depletion
CHAPTER 8 Review Quiz
On June 14, 2012, Jamie purchased a used automobile that cost $18,000. The car is
used 70% for business and 20% for personal use. In 2013, he used the automobile 30%
Property Transactions: Capital Gains and Losses
CHAPTER 14 Review Quiz
On December 10, 2013, an investor purchased 1,000 shares of Sequoia Corporation for
$8,000. On March 2, 2014, the stock became worthless. What is the recognized gain or loss
Deductions: Employee and Self-Employed-Related Expenses
CHAPTER 9 Review Quiz
Employed individuals must use Form 2106 to report their business-related expenses.
Charley is the city sales manager for Circle Pie, a national pizza franchise. Ever
Deductions and Losses: Certain Business Expenses and Losses
CHAPTER 7 Review Quiz
The nonbusiness bad debt provisions are applicable to individuals and corporations.
During 2013, Aileen, a single taxpayer, had the following items:
Deductions and Losses: Certain Itemized Deductions
CHAPTER 10 Review Quiz
Diego and Katelyn, both age 66, are married and together have AGI of $30,000. They
have two dependents and file a joint return. Each pays $2,400 for hospitalization
Gross Income: Concepts and Inclusions
CHAPTER 4 Review Quiz
In 2007, Randi purchased land for $80,000. In 2013, Randi received $10,000 from a
local cable television company in exchange for Randi allowing the company to run an
Gross Income: Exclusions
CHAPTER 5 Review Quiz
Michael, age 19, is a full-time student at Central College and a candidate for a
bachelor's degree. During 2013, he received the following payments:
Central scholarship for ten months - tuition a
Computing The Tax
CHAPTER 3 Review Questions
In 2013, Kyle is a widower and maintains a household in which he and his unmarried
daughter, Edith, live. Edith need not be Kyles dependent for Kyle to claim head of
household filing status.
Working with the Tax Law
CHAPTER 2 Review Quiz
Proposed regulations are usually issued where immediate guidance is important.
The IRS is required to make a determination letter public.
Which statement is true with respect to TAMs ?
An Introduction to Taxation
CHAPTER 1 Review Quiz
Lawrence buys a parsonage from a local church which he converts into a rental
property. This change should increase the amount of ad valorem property taxes levied
on the property.
If a state
Alternative Minimum Tax
CHAPTER 15 Review Quiz
Sherise, who is single and age 33, provides you with the following information from
her financial records for 2013.
Regular income tax liability
Tax Credits and Payments
CHAPTER 12 Review Quiz
The work opportunity tax credit is available for up to $8,000 of wages paid to
employees in their first year of employment.
A small employer incurs $4,000 for consulting fees related to establis