During Year 9, Ash had the following cash receipts:WagesUSD13,000Interest income from U.S. Treasury bonds350Workers' compensation following a job-related injury8,500What is the total amount that must be included in gross income on Ash's Year 9 income tax return?
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1 .CPA-01737Stone's basis in Ace Partnership was USD 70,000 at the time he received a nonliquidating distribution of partnership capital assets. These capital assets had an adjusted basis of USD 65,000 to Ace and a fair market value of USD 83,000. Ace had no unrealized receivables, appreciated inventory, or properties that had been contributed by its partners. What was Stone's recognized gain or loss on the distribution?
A USD 5,000 capital loss. B USD 18,000 ordinary income. C USD 0. D USD 13,000 capital gain.
2 .In which of the following situations may taxpayers file as married filing jointly?
A Taxpayers who were married but lived under a legal separation agreement at the end of the year. B Taxpayers who were divorced during the year. C Taxpayers who were married but lived apart during the year. D Taxpayers who were legally separated but lived together for the entire year.
3 .A taxpayer's spouse dies in August of the current year. Which of the following is the taxpayer's filing status for the current year?
A Single. B Married filing jointly. C Head of household. D Qualified widow(er).
4 .Janet and Ted have two children, Mary (age 10) and Seth (age 12). Janet's Aunt Martha resides with the family in an apartment over the garage. Martha's only income is USD1,500 a month in Social Security benefits. Janet and Ted receive no rent payments from Martha and provide all remaining support for her living arrangements. How many exemptions are Janet and Ted entitled to in filing their joint tax return?
A 2 B 4 C 5 D 3
5 .An individual taxpayer reports the following items for the current year:Ordinary income from partnership A, operating a movie theater in which the taxpayer materially participatesUSD70,000Net loss from partnership B, operating an equipment rental business in which the taxpayer does not materially participate(9,000)Rental income from building rented to a third party7,000Short-term capital gain from sale of stock4,000What is the taxpayer's adjusted gross income for the year?
A USD72,000 B USD70,000 C USD77,000 D USD74,000
7 .Charles and Marcia are married cash-basis taxpayers. In Year 8, they had interest income as follows:USD500 interest on federal income tax refund.USD600 interest on state income tax refund.USD800 interest on federal government obligations.USD1,000 interest on state government obligations.What amount of interest income is taxable on Charles and Marcia's Year 8 joint income tax return?
A USD 500 B USD 1,900 C USD 2,900 D USD 1,100
8 .During the year Kay received interest income as follows: On U.S. Treasury certificates USD4,000 On refund of prior year's federal income tax 500 The total amount of interest subject to tax in Kay's current year tax return is:
A USD4,000 B USD4,500 C USD500 D USD0
9 .Ben Flood, attorney at law, is a sole proprietor and files Schedule C with his federal Form 1040. Which of the following is not a deductible expense on Schedule C?
A Health insurance for him and his family. B USD30 business tax payable to the city in which he practices. C Depreciation on the computer used by his assistant. D Salaries paid to the paralegal who works for him.
10 .Baker, a sole proprietor CPA, has several clients that do business in Spain. While on a four-week vacation in Spain, Baker took a five-day seminar on Spanish business practices that cost USD700. Baker's round-trip airfare to Spain was USD600. While in Spain, Baker spent an average of USD100 per day on accommodations, local travel, and other incidental expenses, for total expenses of USD2,800. What amount of total expense can Baker deduct on Form 1040 Schedule C, "Profit or Loss From Business," related to this situation?
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