ACCT 553 help A Guide to career/Snaptutorial ACCT 553 help A Guide to career/Snaptutorial | Page 12

5. Which of the following is not considered "constructive receipt" of
income?
Mr.W received a check on December 30, 2009 for services rendered,
but was unable to make a deposit until January 3, 2010.
6. Stan and Anne were divorced in January 2009. The provisions of
the divorce decree and Anne's obligations follow: (1.) Transfer the
title in their resort condo to Stan. At the time of the transfer, the
condo had a basis to Anne of $75,000, a fair market value of $95,000;
it was subject to a mortgage of $65,000. (2.) Anne is to make the
mortgage payments for 17 years regardless of how long Stan lives.
Anne paid $8,000 in 2009. (3.) Anne is to pay Stan $1,000 per month,
beginning in February, for 10 years or until Stan dies. Of this amount,
$300 is designated as child support. Anne made five payments of
$900 each in 2009 (February-June). What is the amount of alimony
from his settlement that is includible in Stan's gross income for 2009?
7. To be deductible for tax purposes, a trade or business expenditure
must be:
8. Mr. Wilson is 66 years old and single. His income for 2009
consisted of the following: Taxable pension $10,000 Taxable interest
9,000 Taxable dividends 5,000 Social security payments 5,000 He did
not have any adjustments to income. What amount of W's social
security benefits is taxable?
9. Explain the Assignment of Income Doctrine (AID) and the "fruit-
of-the-tree" doctrine.
10. Explain the Constructive Receipt Doctrine.
11. Explain the Economic Benefit Doctrine.
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ACCT 553 Week 3 Homework
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