ACCT 324 help A Guide to career/Snaptutorial ACCT 324 help A Guide to career/Snaptutorial | Page 26

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)
Quest ion 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)
Question 3.3. (TCOs 3, 4, 5, & 7) Dorothy holds two jobs. Her main
job is with Eggplant Corporation, and her part-time job is with Carrot
Company. On a typical workday, she drives her car as follows: home
to Eggplant, Eggplant to Carrot, and Carrot to home. Applicable
mileage is as follows
Question 4.4. (TCOs 3, 4, 5, & 7) Carrie owns a mineral property that
had a basis of $15,000 at the beginning of the year. The property