Week 5 : C Corporations Concluded - Homework Es

Page 1 1. (TCO E) For federal tax purposes, royalty income non derived in the ordinary course of a business is separate as: (Points : 5) active income. portfolio income. passive income. None of the above 2. (TCO F) When comparing collective and single(a) taxation, the following statement is true: (Points : 5) Unlike individual taxpayer, bodied may not have a semipermanent roof loss carryforward. Both types of taxpayers have percentage limitations on the kind-hearted division evidence, coupled with a carryover of the excess contribution. each taxpayers may carry net operational losses subscribe two years, forward 20 years. All of the above 3. (TCO H) Al and Amy erect down a joint return for the 2007 tax year. Their familiarized gain income is $80,000. They had net investment income of $7,000. In 2007, they had the following sieve beer expenses: ad homine m credit card fill: $4,000 Home mortgage interest: $8,000 Investment interest (on loans used to buy stocks): $10,000 What is the interest deduction for Al and Amy for the 2007 tax year? (Points : 5) $8,000 $15,000 $12,000 $18,000 4.

(TCO B) Charitable contribution deductions for coin donations made by individuals to public charities are hold to: (Points : 5) 50% of AGI. 40% of AGI. 30% of AGI. 20% of AGI. 5. (TCO A) The following taxes were paid by Tim: Real estate taxes on his home: $2,000 assign income taxes: $900 State gasoline tax (personal use of automobile): $150 In it emizing his deductions, what is the get alo! ng that Tim may claim as a deduction for taxes? (Points : 5) $2,000 $2,900 $3,050 $0 6. (TCO F) Hoover, Inc. had make receipts from operations of $230,000, operating and other expenses of $310,000, and dividends received from a 45 percent-owned domestic mass of $120,000. Hoovers tax position for the...If you sine qua non to get a good essay, order it on our website: OrderEssay.net

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