Which of the following fiduciary entities arerequired to use the calendar year as their taxable period for income taxpurposes?EstatesTrusts (except thosethat are tax exempt)
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1 .Lane, a single taxpayer, received USD160,000 in salary, USD15,000 in income from an S Corporation in which Lane does not materially participate, and a USD35,000 passive loss from a real estate rental activity in which Lane materially participated. Lane's modified adjusted gross income was USD165,000. What amount of the real estate rental activity loss was deductible?
A USD 15,000 B USD 25,000 C USD 0 D USD 35,000
2 .When the AQR partnership was formed, partner Acre contributed land with a fair market value of USD100,000 and a tax basis of USD60,000 in exchange for a one-third interest in the partnership. The AQR partnership agreement specifies that each partner will share equally in the partnership's profits and losses. During its first year of operation, AQR sold the land to an unrelated third party for USD160,000. What is the proper tax treatment of the sale?
A The entire gain of USD100,000 must be specifically allocated to Acre. B Each partner reports a capital gain of USD33,333. C The first USD40,000 of gain is allocated to Acre, and the remaining gain of USD60,000 is shared equally by the other two partners. D The first USD40,000 of gain is allocated ...
3 .Kant, a cash-basis individual, owns and operates an office building. Kant received the following payments during the current year: Current rents USD30,000 Advance rents for the next year 10,000 Security deposits held in a segregated account 5,000 Lease cancellation payments 15,000 What amount is included in gross income?
A USD 60,000 B USD 30,000 C USD 55,000 D USD 40,000
4 .Which of the following is allowed in the calculation of the taxable income of a simple trust?
A Brokerage commission for purchase of tax-exempt bonds. B Standard deduction. C Charitable contribution. D Exemption.
5 .Adams owns a second residence that is used for both personal and rental purposes. During the current year, Adams used the second residence for 50 days and rented the residence for 200 days. Which of the following statements is correct?
A Depreciation may not be deducted on the property under any circumstances. B A rental loss may be deducted if rental-related expenses exceed rental income. C Utilities and maintenance on the property must be divided between personal and rental use. D All mortgage interest and taxes on the property ...
7 .For income tax purposes, the estate's initial taxable period for a decedent who died on October 24:
A Must be a fiscal year beginning on the date of the decedent's death. B May be either a calendar year, or a fiscal year beginning on the date of the decedent's death. C Must be a calendar year beginning on January 1 of the year of the decedent's death. D May be either a calendar year, or a fiscal y...
8 .During the current year, a trust reports thefollowing information: Dividends USD10,000 Interest from corporate bonds 12,000 Tax-exempt interest from state bonds 4,000 Capital gain (allocated to corpus) 2,000 Trustee fee (allocated to corpus) 6,000 What is the trust's accounting income?
A USD34,000 B USD22,000 C USD28,000 D USD26,000
9 .Joan is going to gift her best friend's son USD15,000during the current tax year, and when she passes away, she will gift her hometo him. Which of the following is correct with regard to these gifts during thecurrent year, assuming that the cash is given and Joan does not die during thecurrent year? Cash Home
A Completed gift； Completed gift B Completed gift； Incomplete gift C Incomplete gift； Incomplete gift D Incomplete gift； Completed gift
10 .As of the beginning of Year 3, Wolf, Inc. has a written accounting policy to expense amounts paid for tangible property costing up to USD8,000. Wolf also has an applicable financial statement for the year. During Year 3, Wolf pays USD12,000 for three pieces of office furniture that cost USD4,000 each and have an economic life of five years. Under the de minimis rule, how much can Wolf deduct for tax purposes in Year 3?
A USD0 B USD4,000 C USD12,000 D USD1,500
