ACCT 324 help A Guide to career/Snaptutorial ACCT 324 help A Guide to career/Snaptutorial | Page 30

hours in Activity D, and 85 hours in Activity E. Which of the
following statements is CORRECT
Question 1.1. (TCOs 1, 2, 4, & 7) Dabney and Nancy are married,
both gainfully employed, and have two children who are 3 and 6 years
old. Dabney's salary is $35,000 while Nancy's salary is $40,000.
During the year, they spend $7,000 for child care expenses that are
required so both of them can work outside of the home. Calculate the
credit for child and dependent care expenses
Question 2.2. (TCOs 1, 3, & 10) In 2012, Walter had the following
transactions
Question 3.3. (TCOs 9 & 12) In connection with facilitating the
function of the IRS in the administration of the tax laws, comment on
the utility of the following: I) the power to make adjustments to
properly reflect a taxpayer's income, and II) the availability of interest
and penalties for taxpayer noncompliance
Question 4.4. (TCOs 1 & 5) Steve has a tentative general business
credit of $85,000 for the current year. His net regular tax liability
before the general business credit is $95,000, and his tentative
minimum tax is $90,000. Compute Steve's allowable general business
credit for the year
Question 1.1. (TCOs 1, 6, 8, & 11) Faith inherited an undivided
interest in a parcel of land from her father on February 15, 2012. Her
father had purchased the land on August 25,1965, and his basis for the
land was $325,000. The fair market value of the land is $1,250,000 on
the date of her father's death and is $1,100,000 six months later. The
executor elects the alternate valuation date. Faith has nine brothers
and sisters and each inherited a one-tenth interest
Question 2.2. (TCOs 2, 3, & 11) Discuss the computation of
percentage depletion
Question 3.3. (TCOs 1, 2, 3, & 11) Travel status requires that the
taxpayer be away from home overnight. I) What does away from
home overnight mean? II) What tax advantages result from being in
travel status
Question 4.4. (TCOs 1, 2, 3, & 11) Rachel owns rental properties.
When Rachel rents to a new tenant, she usually requires the tenant to
pay an amount in addition to the first month's rent. The additional
amount serves as security for damages to the property and the tenant's