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ACC 307 Final Exam Part 1

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ACC 307 Final Exam Part 1 . The § 222 deduction for tuition and related expenses is available: 2. A worker may prefer to be classified as an employee (rather than an independent contractor) for which of the following reasons: 3. Aaron is a self-employed practical nurse who works out of his home. He provides nursing care for disabled persons living in their residences. During the day he drives his car as follows 4. Jordan performs services for Ryan. Which of the following factors indicate that Jordan is an independent contractor, rather than an employee? 5. Aiden performs services for Lucas. Which of the following factors indicate that Aiden is an employee, rather than an independent contractor? 6. Paul, a calendar year married taxpayer, files a joint return for 2013. Information for 2013 includes the following: AGI $175,000 State income taxes 13,500 State sales tax 3,000 Real estate taxes 18,900 Gambling losses (gambling gains were $12,000) 6,800 Paul’s allowable itemized deductions for 2013 are: 7. Pedro’s child attends a school operated by the church the family attends. Pedro made a donation of $1,000 to the church in lieu of the normal registration fee of $200. In addition, Pedro paid the regular tuition of $6,000 to the school. Based on this information, what is Pedro’s charitable contribution? 8. Barry and Larry, who are brothers, are equal owners in Chickadee Corporation. On July 1, 2013, each loans the corporation $10,000 at an annual interest rate of 10%. Both shareholders are on the cash method of accounting, while Chickadee Corporation is on the accrual method. All parties use the calendar year for tax purposes. On June 30, 2014, Chickadee repays the loans of $20,000 together with the specified interest of $2,000. How much of the interest can Chickadee Corporation deduct in 2013? 9. Your friend Scotty informs you that he received a “tax-free” reimbursement in 2013 of some medical expenses he paid in 2012. Which of the following statements best explains why Scotty is not required to report the reimbursement in gross income? 10. Emily, who lives in Indiana, volunteered to travel to Louisiana in March to work on a home-building project for Habitat for Humanity (a qualified charitable organization). She was in Louisiana for three weeks. She normally makes $500 per week as a carpenter’s assistant and plans to deduct $1,500 as a charitable contribution. In addition, she incurred the following costs in connection with the trip: $600 for transportation, $1,200 for lodging, and $400 for meals. What is Emily’s deduction associated with this charitable activity? 11. Josh has investments in two passive activities. Activity A (acquired three years ago) produces income of $30,000 this year, while Activity B (acquired two years ago) produces a loss of $50,000. What is the amount of Josh’s suspended loss for the year? 12. Rick, a computer consultant, owns a separate business (not real estate) in which he participates. He has one employee who works part-time in the business 13. Charles owns a business with two separate departments. Department A produces $100,000 of income and Department B incurs a $60,000 loss. Charles participates for 550 hours in Department A and 100 hours in Department B. He has full-time employees in both departments 14. Sandra acquired a passive activity three years ago. Until last year, the activity was profitable and her at-risk amount was $300,000. Last year, the activity produced a loss of $100,000, and in the current year, the loss is $50,000. Assuming Sandra has received no passive income in the current or prior years, her suspended passive loss from the activity is: 15. Nell sells a passive activity with an adjusted basis of $45,000 for $105,000. Suspended losses attributable to this property total $45,000. The total gain and the taxable gain are:

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