Rich is a cash basis self-employed air-conditioning repairman with current year gross business receipts of USD20,000. Rich's cash disbursements were as follows:Air conditioning partsUSD2,500Yellow Pages listing2,000Estimated federal income taxes on self-employment income1,000Business long-distance telephone calls400Charitable contributions200What amount should Rich report as net self-employment income?
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1 .Quinn is preparing a personal statement of financial condition as of April 30. Included in Quinn's assets are the following:50% of the voting stock of Ink Corp. A stockholders' agreement restricts the sale of the stock and, under certain circumstances, requires Ink to repurchase the stock. Quinn's tax basis for the stock is USD430,000, and at April 30, the buyout value is USD675,000.Jewelry with a fair value aggregating USD70,000 based on an independent appraisal on April 30, for insurance purposes. This jewelry was acquired by purchase and gift over a 10-year period and has a total tax basis of USD40,000.What is the total amount at which the Ink stock and jewelry should be reported in Quinn's April 30 personal statement of financial condition?
A USD470,000 B USD715,000 C USD500,000 D USD745,000
2 .CPA-01485Which payment(s) is (are) included in a recipient's gross income?I.Payment to a graduate assistant for a part-time teaching assignment at a university. Teaching is not a requirement toward obtaining the degree.II.A grant to a Ph. candidate for his participation in a university-sponsored research project for the benefit of the university.
A Neither I nor II. B II only. C Both I and II. D I only.
3 .During the current year, Adler had the following cash receipts:WagesUSD18,000Interest income from investments in municipal bonds400Unemployment compensation3,900What is the total amount that must be included in gross income on Adler's current year income tax return?
A USD18,000 B USD18,400 C USD22,300 D USD21,900
4 .Which one of the following statements is correct with regard to an individual taxpayer who has elected to amortize the premium on a bond that yields taxable interest?
A The amortization is treated as an itemized deduction. B The bond's basis is reduced by the amortization. C The amortization is not treated as a reduction of taxable income. D The bond's basis is increased by the amortization.
5 .Merrill and Joe divorced in June of the current year. As part of the settlement, Joe received the following:AlimonyUSD3,000/per monthChild support1,000/per monthLump-sum payment as the property settlement125,000Payments began in July; however, Merrill only paid a total of USD15,000 during the year. For the current year, what amount must Joe include in income on his Form 1040?
A USD 9,000 B USD 134,000 C USD 15,000 D USD 140,000
7 .Which one of the following will result in an accruable expense for an accrual-basis taxpayer?
A A repair completed prior to year end and paid upon completion. B A signed contract for repair work to be done and the work is to be completed at a later date. C An invoice dated prior to year end but the repair completed after year end. D A repair completed prior to year end but not invoiced.
8 .Barkley owns a vacation cabin that was rented to unrelated parties for 10 days during the year for USD2,500. The cabin was used personally by Barkley for three months and left vacant for the rest of the year. Expenses for the cabin were as follows:Real estate taxesUSD1,000Maintenance and utilities2,000How much rental income (loss) is included in Barkley's adjusted gross income?
A USD (1,500) B USD (500) C USD 500 D USD 0
9 .享受高新技术企业优惠的条件之一，是高新技术产品（服务）收入占企业当年总收入的比例不得低于（ ）。
A 40％ B 50％ C 60％ D 70％
10 .甲企业属于创业投资企业，2014年1月1日向乙企业（未上市的中小高新技术企业）投资250万元、股权持有到2016年2月31日。甲企业2015年度生产经营所得为450万元，2015年应纳税所得额为（ ）万元。
A 275 B 68.75 C 175 D 112.5
