1.(TCO E) Define and take out the following:
active income.
portfolio income.
passive income.
Chapter 7, member 7205
2. (TCO D) Which of the following is an modelling of a nontaxable like-kind exchange?
Inventory for a locomotive
A printer for a computer
Land for an procedure building
The trade of an apartment building for a barge in building
Chapter 11, Section 11,215
3.(TCO D) How does the Code define a neat asset?
Chapter 11, Section 11,215
4. (TCO H) Alex and Amy file a joint unsay for the 2010 tax year. Their adjusted gross income is $90,000. They had net investment income of $8,000. In 2010, they had the following avocation expenses:
Personal credit card interest: $5,000
Home mortgage interest: $10,000
Interest paid on qualified education loans: $2,000
Investment interest (on loans used to taint stocks): $10,000
What is the interest deduction for Alex and Amy for the 2010 tax year?
Chapter 8, IRC Sec. 163(d)
5. (TCO B) Stock in the ABC Corporation was contributed to a public gentle organization. The al-Qaida in the stock was $1,200, but its fair market quantify was $1,500 at the time of the donation.
Indicate the correct income tax give-and-take as a result of the donation. The stock was held long-term. Chapter 8, Section 8325
6. (TCO B) How ar Unreimbursed expenses of employees treated in terms of calculating the AGI?
Chapter 8, Section 8325
7. (TCO B) A business machine valued at $800 was contributed to a charitable organization during the year. The machine cost $1,000 but was depreciated down to $600 forwards the donation was made. Indicate the correct income tax treatment with compliance to the donation.
Chapter 8, Section 8301
8. (TCO A) What expenditures are always an itemized deduction for individual taxpayers?
Chapter 8, Section 8325
9. (TCO A) Miscellaneous itemized deductions are deductible...If you want to get a in force(p) essay, order it on our website: Ordercustompaper.com
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