Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts receivable were USD25,000. During the year, Mosh collected USD100,000 from customers. At the end of the year, accounts receivable were USD15,000. What was Mosh's gross taxable income for the current year?
参考答案(由小熊题库网聘请的专业题库老师提供的解答)
请点击↑↑↑ 查看官方参考答案 按钮
习题解析
请点击 查看官方参考答案 按钮
您可能感兴趣的题目
1 .A guaranteed payment by a partnership to apartner for services rendered may include an agreement to pay: I. A salary of USD5,000 monthly without regard to partnership income. II. A 25 percent interest in partnership profits.
A Both I and II. B Neither I nor II. C I only. D II only.
2 .The Uniform Capitalization Rules of Code Sec. 263A apply to retailers whose average gross receipts for the preceding three years exceed what amount?
A USD 10,000,000 B USD 1,000,000 C USD 2,500,000 D USD 5,000,000
3 .Gray is a 50% partner in Fabco Partnership.Gray's tax basis in Fabco at the beginning of the year was USD5,000. Fabco madeno distributions to the partners during the year and recorded the following: Ordinary income USD20,000 Tax exempt income 8,000 Portfolio income 4,000 What is Gray's tax basis in Fabco at the end of the year?
A USD16,000 B USD12,000 C USD21,000 D USD10,000
4 .Which of the following is subject to the Uniform Capitalization Rules of Code Sec. 263A?
A Warehousing costs incurred by a manufacturing company with USD12 million in annual gross receipts. B Mine development and exploration costs. C Editorial costs incurred by a freelance writer. D Research and experimental expenditures.
5 .Smith received a one-third interest of a partnership by contributing USD3,000 in cash, stock with a fair market value of USD5,000 and a basis of USD2,000, and a new computer that cost Smith USD2,500. Which of the following amounts represents Smith's basis in the partnership?
A USD3,000 B USD7,500 C USD5,500 D USD10,500
7 .Reid, Welsh, and May are equal partners in the RWM partnership. Reid's basis in the partnership interest is USD60,000. Reid receives a liquidating distribution of USD61,000 cash and land with a fair market value of USD14,000 and an adjusted basis of USD12,000. What gain must Reid recognize upon the liquidation of his partnership interest?
A USD0 B USD15,000 C USD13,000 D USD1,000
8 .Perle, a dentist, billed Wood USD600 for dental services. Wood paid Perle USD200 cash and built a bookcase for Perle's office in full settlement of the bill. Wood sells comparable bookcases for USD350. What amount should Perle include in taxable income as a result of this transaction?
A USD550 B USD0 C USD200 D USD600
9 .On June 1, Year 1, Kelly received a 10% interest in Rock Co., a partnership, for services contributed to the partnership. Rock's net assets at that date had an adjusted basis of USD70,000 and a fair market value of USD100,000. In Kelly's Year 1 income tax return, what amount must Kelly include as income from transfer of partnership interest?
A USD7,000 ordinary income. B USD7,000 capital gain. C USD10,000 ordinary income. D USD10,000 capital gain.
10 .IRC Section 263A requires the capitalization of certain indirect costs related to inventory when a qualifying business is manufacturing tangible personal property. Which of the following costs is not required to be capitalized as part of this adjustment?
A Payroll. B Securities services. C Recruiting. D Marketing.
