Dunn received 100 shares of stock as a gift from Dunn's grandparent. The stock cost Dunn's grandparent $32,000 and it was worth $27,000 at the time of the transfer to Dunn. Dunn sold the stock for $29,000. What amount of gain or loss should Dunn report from the sale of the stock?

1 .A company's activities for year 2 included the following:Grosssales$3,600,000Costof goods sold1,200,000Sellingand administrative expense500,000Adjustmentfor a prior-year understatement of amortization expense59,000Salesreturnsxpense34,000Gainon sale of available-for-sale securities8,000Gainon disposal of a discontinued business segment4,000Unrealizedgain on available-for-sale securities2,000The company has a 30% effective income tax rate. What is the company's net income for year 2?

A $1,316,000 B $1,273,300 C $1,314,600 D $1,267,700

题型: 单选题 提问时间: 2021-08-24

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2 .In the consolidated income tax return of a corporation and its wholly-owned subsidiary, what percentage of cash dividends paid by the subsidiary to the parent is tax-free?

A 0% B 100% C 70% D 80%

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

题型: 单选题 提问时间: 2021-08-24

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4 .If the executor of a decedent's estate elects the alternate valuation date and none of the property included in the gross estate has been sold or distributed, the estate assets must be valued as of how many months after the decedent's death?

A 3 B 9 C 12 D 6

题型: 单选题 提问时间: 2021-08-24

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5 .A material loss should be presented separately as a component of income from continuing operations when it is

A An extraordinary item. B A discontinued component of the business. C Unusual in nature and infrequent in occurrence. D Not unusual in nature but infrequent in occurrence.

题型: 单选题 提问时间: 2021-08-24

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7 .A company reports the following information as of December 31:Salesrevenue$800,000Costof goods sold600,000Operatingexpenses90,000Unrealizedholding gain on available-for-sale securities, net of tax30,000What amount should the company report as comprehensive income as of December 31?

A $110,000 B $30,000 C $140,000 D $200,000

题型: 单选题 提问时间: 2021-08-24

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8 .A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The automobile originally cost $35,000 and he has taken $18,000 in depreciation. The old automobile is currently worth $20,000 and the new automobile the taxpayer wants in exchange is only worth $17,500. The other party agrees to give the taxpayer $2,500 in cash in addition to the new auto. What is the gain or loss recognized by the taxpayer on this transaction?

A $0 B $2,500 gain C $2,500 loss D $3,000 gain

题型: 单选题 提问时间: 2021-08-24

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9 .Which of the following must be included in a company's summary of significant accounting policies in the notes to the financial statements?

A Schedule of fixed assets. B Summary of long-term debt outstanding. C Description of current year equity transactions. D Revenue recognition policies.

题型: 单选题 提问时间: 2021-08-24

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10 .At the beginning of the tax year, Martin Crouch contributed property to a new partnership in return for a 25% interest in capital and profits. The property contributed had a fair market value of $150,000, an adjusted basis of $100,000, and was subject to a $100,000 mortgage, which was assumed by the partnership. What was Martin's basis in the partnership as a result of the contribution?

A $25,000 B $0 C $150,000 D $100,000

题型: 单选题 提问时间: 2021-08-24

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