Land and other real estate held as investments by endowments in a government’s permanent fund should be reported at:
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1 .Smith has an adjusted gross income (AGI) of USD120,000 without taking into consideration USD40,000 of losses from rental real estate activities. Smith actively participates in the rental real estate activities. What amount of the rental losses may Smith deduct in determining taxable income?
A USD 0 B USD 40,000 C USD 15,000 D USD 20,000
2 .Expenditures of a governmental unit for insurance extending over more than one accounting period:
A Must be accounted for as expenditures of the periods subsequent to acquisition. B Must be accounted for as expenditures of the period of acquisition. C Must be allocated between or among accounting periods. D May be allocated between or among accounting periods or may be accounted for as expenditu...
3 .Flowers, a married taxpayer, purchased an annuity for USD64,400 that will pay USD700 per month over the life of Flowers and Flowers' spouse. At the time of purchase, the couple's joint life expectancy was 23 years. Flowers received payment beginning April 1, Year 1, amounting to USD6,300 in the first year of the annuity contract. How much is includable in Flowers' gross income in the first year?
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4 .Which of the following accounts of a governmental unit is credited when taxpayers are billed for property taxes?
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5 .Quigley, Roberk, and Storm form a corporation. Quigley exchanges USD25,000 of legal fees for 30 shares of stock. Roberk exchanges land with a basis of USD10,000 and a fair market value of USD100,000 for 60 shares of stock. Storm exchanges USD10,000 cash for 10 shares of stock. What amount of income should each shareholder recognize?
A Quigley -- USD0; Roberk -- USD0; Storm -- USD0. B Quigley -- USD0; Roberk -- USD90,000; Storm -- USD0. C Quigley -- USD25,000; Roberk -- USD90,000; Storm -- USD0. D Quigley -- USD25,000; Roberk -- USD90,000; Storm -- USD10,000.
7 .In the current year, Stone, a cash basis taxpayer, incorporated her CPA practice. No liabilities were transferred. The following assets were transferred to the corporation:Cash (checking account)USD500Computer equipment:Adjusted basis30,000Fair market value34,000Cost40,000Immediately after the transfer, Stone owned 100% of the corporation's stock. The corporation's total basis for the transferred assets is:
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8 .A state had general obligation bonds outstanding that required payment of interest on July 1 and January 1 of each year. State law allowed for the general fund to make debt payments without the use of a fiscal agent. The fiscal year ended June 30. Which of the following accounts would have decreased when the state paid the interest due on July 1?
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9 .A corporate taxpayer plans to switch from the FIFO method to the LIFO method of valuing inventory. Which of the following statements is accurate regarding the use of the LIFO method?
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