The Uniform Capitalization Rules of Code Sec. 263A apply to retailers whose average gross receipts for the preceding three years exceed what amount?
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2 .As a result of a divorce, a taxpayer received the following during the current year. Cash from the property settlement USD100,000 Child support 12,000 Alimony payments 30,000 What amount, if any, must be included in gross income for the current year?
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3 .On August 1, Year 1, Graham purchased and placed into service an office building costing USD264,000 including USD30,000 for the land. What was Graham's MACRS deduction for the office building in Year 1?
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5 .A guaranteed payment by a partnership to apartner for services rendered may include an agreement to pay: I. A salary of USD5,000 monthly without regard to partnership income. II. A 25 percent interest in partnership profits.
A Both I and II. B Neither I nor II. C I only. D II only.
7 .Gray is a 50% partner in Fabco Partnership.Gray's tax basis in Fabco at the beginning of the year was USD5,000. Fabco madeno distributions to the partners during the year and recorded the following: Ordinary income USD20,000 Tax exempt income 8,000 Portfolio income 4,000 What is Gray's tax basis in Fabco at the end of the year?
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8 .Which of the following is subject to the Uniform Capitalization Rules of Code Sec. 263A?
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9 .Smith received a one-third interest of a partnership by contributing USD3,000 in cash, stock with a fair market value of USD5,000 and a basis of USD2,000, and a new computer that cost Smith USD2,500. Which of the following amounts represents Smith's basis in the partnership?
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10 .Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts receivable were USD25,000. During the year, Mosh collected USD100,000 from customers. At the end of the year, accounts receivable were USD15,000. What was Mosh's gross taxable income for the current year?
A USD 110,000 B USD 100,000 C USD 75,000 D USD 90,000
