Which of the following should be included when determining adjusted gross income?
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1 .Aztec, a C corporation, distributed an asset to Burn, a shareholder. The asset had a fair market value of USD30,000 and was subject to a USD40,000 liability, assumed by Burn. The asset had an adjusted basis of USD25,000. What amount of gain must Aztec recognize?
A USD 0 B USD 15,000 C USD 10,000 D USD 5,000
2 .Darr, an employee of Sorce C Corporation, is not a shareholder. Which of the following would be included in a taxpayer's gross income?
A The fair market value of land that the taxpayer inherited from an uncle. B A USD10,000 gift from the taxpayer's grandparents. C The dividend income on shares of stock that the taxpayer received for services rendered. D Employer-provided medical insurance coverage under a health plan.
3 .In the current year, Fitz, a single taxpayer, sustained a USD48,000 loss on Code Sec. 1244 stock in JJJ Corp., a qualifying small business corporation, and a USD20,000 loss on Code Sec. 1244 stock in MMM Corp., another qualifying small business corporation. What is the maximum amount of loss that Fitz can deduct for the current year?
A USD 68,000 capital loss. B USD 50,000 capital loss. C USD 50,000 ordinary loss and USD18,000 capital loss. D USD 18,000 ordinary loss and USD50,000 capital loss.
4 .Randolph is a single individual who always claims the standard deduction. Randolph received the following in the current year:WagesUSD22,000Unemployment compensation6,000Pension distribution (100% taxable)4,000A state tax refund from the previous year425What is Randolph’s gross income?
A USD 28,425 B USD 22,000 C USD 32,000 D USD 32,425
5 .In a Type B reorganization, as defined by the Internal Revenue Code, the:I.Stock of the target corporation is acquired solely for the voting stock of either the acquiring corporation or its parent.II.Acquiring corporation must have control of the target corporation immediately after the acquisition.
A Neither I nor II. B II only. C Both I and II. D I only.
7 .Allen owns 100 shares of Prime Corp., a publicly traded company, which Allen purchased on January 1, Year 1, for USD10,000. On January 1, Year 3, Prime declared a 2-for-1 stock split when the fair market value (FMV) of the stock was USD120 per share. Immediately following the split, the FMV of Prime stock was USD62 per share. On February 1, Year 3, Allen had his broker specifically sell the 100 shares of Prime stock received in the split when the FMV of the stock was USD65 per share. What amount should Allen recognize as long-term capital gain income on his Form 1040, U.S. Individual Income Tax Return, for Year 3?
A USD300 B USD750 C USD1,500 D USD2,000
8 .For a cash basis taxpayer, gain or loss on a year-end sale of listed stock arises on the:
A Date of receipt of cash proceeds. B Date of delivery of stock certificate. C Settlement date. D Trade date.
9 .Bluff purchased equipment for business use for USD35,000 and made USD1,000 of improvements to the equipment. After deducting depreciation of USD5,000, Bluff gave the equipment to Russett for business use. At the time the gift was made, the equipment had a fair market value of USD32,000. Ignoring gift tax consequences, what is Russett's basis in the equipment?
A USD32,000 B USD35,000 C USD36,000 D USD31,000
10 .Tom and Sharlene had the following items of income and expense during the taxable year:Self-Employment ActivityGross incomeUSD35,000Business license fees500Marketing Expenses2,000Salary paid to Sharlene10,000Tom's wages from his Job67,000Interest from money market1,500Gain from sale of securities owned for 3 months15,000What is Tom & Sharlene's gross income before adjustments?
A USD 131,500 B USD 128,500 C USD 106,000 D USD 116,000
