ACCT 324 help A Guide to career/Snaptutorial ACCT 324 help A Guide to career/Snaptutorial | Page 5

tax is paid. Her son subsequently sells the stock for $190,000. What is
his recognized gain or loss
Question 11.11. (TCOs 2, 6, & 11) Juaquin owns five activities. He
elects not to group them together as a single activity under the
appropriate economic unit standard. He participates for 140 hours in
Activity A, 165 hours in Activity B, 196 hours in Activity C, 100
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