ACCT 324 help A Guide to career/Snaptutorial ACCT 324 help A Guide to career/Snaptutorial | Page 3

Shanekwa also provided total support for Shanekwa's father who is a
citizen and life-long resident of Portugal. How many personal and
dependency exemptions can Matt and Shanekwa claim on their 2012
income tax return? (Points : 5)
Question 10.10. (TCOs 2, 8, & 9) Shaquille operates a drug-running
operation and incurred the following expenses
Question 11.11. (TCOs 2, 8, & 9) During 2012, Robin sold the
following assets: business equipment for a $6,000 loss, stock
investment for a $15,000 loss, and her principal residence for a
$14,000 loss. Presuming adequate income, how much of these losses
may Robin claim on her 2012 return? (Points : 5)
Question 12.12. (TCOs 2 & 11) Nicholas loaned Lyle (a friend)
$30,000 in 2011 with the agreement that the loan would be repaid in
two years. In 2012, Lyle filed for bankruptcy and Nicholas learned
that he could expect to receive $0.50 on the dollar. In 2012, final
settlement was made and Nicholas received $16,000. Assuming the
loan is a nonbusiness bad debt, how should Nicholas account for the
bad debt? (Points : 5)
Question 13.13. (TCOs 2 & 11) Kelsey, a stock broker, owns a
separate business in which he participates in the current year. He has
one employee who works part-time in the business. Which of the
following statements is correct? (Points : 5)
Question 14.14. (TCOs 2 & 11) During the year, Clara took a trip
from Chicago to Rome. She was away from home for 20 days. She
spent 6 days vacationing and 14 days on business (including the 3
travel days). Her expenses are as follows:
Question 15.15. (TCOs 2 & 11) In January, Charlie sold stock with a
cost basis of $40,000 to his brother Allen for $30,000, the fair market
value of the stock on the date of sale. Five months later, Allen sold
the same stock through his broker for $45,000. What is the tax effect
of these transactions? (Points : 5)
Question 1.1. (TCO 1) Which of the following is a judicial source of
the tax law?
Question 2.2. (TCOs 2, 3, 6, 8, 9, & 10) Which, if any, of the
following is a deduction from AGI
Question 3.3. (TCOs 2, 3, 6, 8, 9, & 10) Sergio lives in an apartment
building and has a 2-year lease that began 13 months ago. His