The answer to each of the following questions would be irrelevant in determining whether a tuition payment made on behalf of another individual is excludible for gift tax purposes, except:
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1 .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 $12,000 in depreciation. The old automobile is currently worth $20,000 and the new automobile the taxpayer wants in exchange is worth $20,000. No other cash or property is exchanged in the transaction. What is the gain or loss realized by the taxpayer on this transaction?
A $0 B $3,000 loss C $15,000 loss D $3,000 gain
2 .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 worth $22,000, so the taxpayer has agreed to pay $2,000 cash in addition to the trade-in. What is the gain or loss recognized by the taxpayer on this transaction?
A $5,000 gain B $3,000 gain C $2,000 gain D $0
3 .Mom and Pop Partnership had the following results during the taxable year:Income from operations $100,000 lossCapital gain from sale of land 25,000Charitable contributions 10,000Junior, a 50% partner, had an adjusted basis of $40,000 at December 31, without regard to the current year income or loss items. In preparing his individual income tax return, Junior should report which of the following amounts?
A Ordinary Loss: $47,500; Capital Gain: $12,500; Charitable Contributions: $5,000 B Ordinary Loss: $32,500; Capital Gain: $0; Charitable Contributions: $0 C Ordinary Loss: $40,000; Capital Gain: $12,500; Charitable Contributions: $5,000 D Ordinary Loss: $50,000; Capital Gain: $12,500; Charitable Con...
4 .Davis, Inc. has had an average annual gross receipts of $8.5 million during Years 1 through 3. During Year 4, Davis pays $9,250 for repairs and improvements on a building it owns with an unadjusted basis of $700,000. The costs do not qualify as routine maintenance. Under the safe harbor rules, how much can Davis deduct as repairs and maintenance in Year 4?
A $5,000 B $500 C $9,250 D $0
5 .Hall, a divorced person and custodian of her 12-year-old child, filed her Year 9 federal income tax return as head of a household. She submitted the following information to the CPA who prepared her Year 9 return:In June, Year 9, Hall's mother gifted her 100 shares of a listed stock. The donor's basis for this stock, which she bought in Year 1, was $4,000, and market value on the date of the gift was $3,000. Hall sold this stock in July, Year 9 for $3,500. The donor paid no gift tax. What was Hall's reportable gain or loss in Year 9 on the sale of the 100 shares of stock gifted to her?
A $500 loss. B $500 gain. C $1,000 loss. D $0
7 .While conducting an audit, Larson Associates, CPAs, failed to detect material misstatements included in its client's financial statements. Larson's unqualified opinion was included with the financial statements in a registration statement and prospectus for a public offering of securities made by the client. Larson knew that its opinion and the financial statements would be used for this purpose.In a suit by a purchaser against Larson for common law negligence, Larson's best defense would be that the:
A Identity of the purchaser was not known to Larson at the time of the audit. B Client was aware of the misstatements. C Purchaser was not in privity of contract with Larson. D Audit was conducted in accordance with generally accepted auditing standards.
8 .Rules issued under the Sarbanes-Oxley Act of 2002 prohibit a registered accounting firm from performing an audit at a public company if any person serving as the public company's chief executive, chief financial or chief accounting officer, or controller or chief accounting officer worked for the registered accounting firm within the preceding:
A Within two years of the current audit. B Within one year before the current audit. C Within three years of the current audit. D Within five years of the current audit.
9 .On May 2, Mason orally contracted with Acme Appliances to buy for $480 a washer and dryer for household use. Mason and the Acme salesperson agreed that delivery would be made on July 2. On May 5, Mason telephoned Acme and requested that the delivery date be moved to June 2. The Acme salesperson agreed with this request. On June 2, Acme failed to deliver the washer and dryer to Mason because of an inventory shortage. Acme advised Mason that it would deliver the appliances on July 2 as originally agreed. Mason believes that Acme has breached its agreement with Mason. Acme contends that its agreement to deliver on June 2 was not binding. Acme's contention is:
A Incorrect, because Acme's agreement to change the delivery date is a firm offer that cannot be withdrawn by Acme. B Correct, because the agreement to change the delivery date was not in writing. C Incorrect, because the agreement to change the delivery date was binding. D Correct, because Mason is...
10 .Under the Sales Article of the UCC, and unless otherwise agreed to, the seller's obligation to the buyer is to:
A Hold conforming goods and give the buyer whatever notification is reasonably necessary to enable the buyer to take delivery. B Deliver all goods called for in the contract to a common carrier. C Deliver the goods to the buyer's place of business. D Set aside conforming goods for inspection by the ...
