ACCT 324 help A Guide to career/Snaptutorial ACCT 324 help A Guide to career/Snaptutorial

ACCT 324 Final Exam
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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to
Drew on March 1 for $300,000. Before the sale, Evelyn paid the real
estate taxes of $3,000 for the calendar year. For income tax purposes,
the real estate tax deduction is apportioned as follows: $750 to Evelyn
and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Question 2.2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy
Corporation, a closely held C corporation that is not a personal
service corporation, has $80,000 of passive losses, $60,000 of active
business income, and $10,000 of portfolio income. How much of the
passive loss may Galaxy deduct in the current year? (Points : 5)