ACC 401 ASSIST Great Stories /acc401assist.com ACC 401 ASSIST Great Stories /acc401assist.com | Page 18

How are the expenditures treated for tax purposes? On what tax
form(s) are these amounts reported?
35. In the current year, Sandra rented her vacation home for 75
days, used it for personal use for 22 days, and left it vacant for the
remainder of the year. Her income and expenses are as follows:
What is Sandra’s net income or loss from the activity? Use the tax
court method.
===============================================
ACC 401 Week 3 Quiz (UOP)
FOR MORE CLASSES VISIT
www.acc401assist.com
QUIZ 3
1) Which one of the following is Section 1231 property?
2) Which of the following expense items is (are) deductible as
rental expense?
3) If an activity is considered a hobby, which of the following is
true?
4) $179 expense is available for all of the following business assets
except:
5) Brad and Kate receive $9,500 for rent from Mike and Janet,
who are renting their home in Santa Ana, California. Brad and
Kate do not use this property for personal use. The rent covers
eight months from August 1 of the current year to March 31 of