Robert Corp. granted an incentive stock option for 200 shares to Beverly, an employee, on March 14, Year 12. The option price and FMV on the date of grant was $150. Beverly exercised the option on August 2, Year 14, when the FMV was $180 per share. She sold the stock on September 20, Year 15, for $250 per share. How much gross income did Beverly recognize in Year 12?

1 .In Year 1, Smith, a divorced person, provided over one half the support for his widowed mother, Ruth, and his son, Clay, both of whom are U.S. citizens. During Year 1, Ruth did not live with Smith. She received $9,000 in Social Security benefits. Clay, a 25-year-old full-time graduate student, and his wife lived with Smith. Clay had no income but filed a joint return for Year 1, owing an additional $500 in taxes on his wife's income. How many exemptions was Smith entitled to claim on his Year 1 tax return?

A 1 B 2 C 3 D 4

题型: 单选题 提问时间: 2021-08-24

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2 .Darr, an employee of Sorce C Corporation, is not a shareholder. Which of the following would be included in a taxpayer's gross income?

A Employer-provided medical insurance coverage under a health plan B The fair market value of land that the taxpayer inherited from an uncle. C The dividend income on shares of stock that the taxpayer received for services rendered D A $10,000 gift from the taxpayer's grandparents.

题型: 单选题 提问时间: 2021-08-24

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3 .Which of the following costs is not included in inventory under the Uniform Capitalization rules for goods manufactured by the taxpayer?

A Taxes excluding income taxes B Warehousing costs C Quality control D Research

题型: 单选题 提问时间: 2021-08-24

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4 .Rich is a cash basis self-employed air-conditioning repairman with current year gross business receipts of $20,000. Rich's cash disbursements were as follows:Airconditioning parts$2,500YellowPages listing2,000Estimatedfederal income taxes on self-employment income1,000Businesslong-distance telephone calls400Charitablecontributions200What amount should Rich report as net self-employment income?

A $14,900 B $13,900 C $14,100 D $15,100

题型: 单选题 提问时间: 2021-08-24

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5 .In the current year Jensen had the following items:Salary$50,000Inheritance25,000Alimonyfrom ex-spouse12,000Childsupport from ex-spouse9,000Capitalloss on investment stock sale(6,000)What is Jensen's AGI for the current year?

A $62,000 B $44,000 C $59,000 D $84,000

题型: 单选题 提问时间: 2021-08-24

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7 .Robert Corp. granted an incentive stock option for 200 shares to Beverly, an employee, on March 14, Year 12. The option price and FMV on the date of grant was $150. Beverly exercised the option on August 2, Year 14, when the FMV was $180 per share. She sold the stock on September 20, Year 15, for $250 per share. How much gross income did Beverly recognize in Year 15?

A $20,000 B $0 C $30,000 D $150

题型: 单选题 提问时间: 2021-08-24

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8 .Smith, a single individual, made the following charitable contributions during the current year. Smith’s adjusted gross income is $60,000.Donationto Smith’s church$5,000Artwork donated to the local art museum(Smith purchased it for $2,000 four months ago and a local art dealer appraisedit for)3,000Contributionto a needy family1,000What amount should Smith deduct as a charitable contribution?

A $5,000 B $8,000 C $9,000 D $7,000

题型: 单选题 提问时间: 2021-08-24

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9 .Doyle has gambling losses totaling $7,000 during the current year. Doyle's adjusted gross income is $60,000, including $3,000 in gambling winnings. Doyle can itemize the deductions. What amount of gambling losses is deductible?

A $5,800 B $7,000 C $0 D $3,000

题型: 单选题 提问时间: 2021-08-24

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10 .Poole, 45 years old and unmarried, is in the 15% tax bracket. He had adjusted gross income of $20,000. The following information applies to Poole:Medicalexpenses$7,000Standarddeduction4,700Personalexemption3,000Poole wishes to minimize his income tax. What is Poole's total income tax?

A $1,650 B $3,000 C $1,800 D $1,350

题型: 单选题 提问时间: 2021-08-24

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