================================================== ACCT 553 Final Exam( New)
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================================================== ACCT 553 Final Exam( New)
For more course tutorials visit www. uophelp. com
1.( TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows.
( TCO E) Distinguish between realized gains and losses and recognized gains and losses.( Points: 17)( TCO F) Describe the current tax law for sale of residence.( Points: 17)( TCO I) Amos, a single individual with a salary of $ 50,000, incurred and paid the following expenses during the year. Question 4.
( TCO G) Briefly describe what " material participation " is. Why is the determination of whether a taxpayer materially participates important?( Points: 17)
( TCO I) Amos, a single individual with a salary of $ 50,000, incurred and paid the following expenses during the year.
6.( TCO I) A review of Bearing ' s Year 2 records disclosed the following tax information: Wages $ 20,000 Bearing actively participated in the rental property and was a limited partner in the partnership. Bearing had sufficient amounts at risk for