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(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
the rental property and the partnership. What is Bearing's Year 2
adjusted gross income?
(TCO F) (Becker CPA Review Course, Reg. 1) Smith has an adjusted
gross income (AGI) of $140,000 without taking into consideration
$40,000 of losses from rental real estate activities. Smith actively
participates in the rental real estate activities. What amount of the
rental losses may Smith deduct in determining taxable income?
(Points : 17
8. (TCO B) (Becker CPA Review Course Reg. 3) For the year ended
December 31, Year 6, Taylor Corp. had a net operating loss of
$200,000. Taxable income for the earlier years of corporate existence,
computed without reference to the net operating loss, was as follows:
9. (TCO F) (Becker CPA Review Exam Reg. 1) Randolph is a single
individual who always claims the standard deduction. Randolph
received the following in the current year:
10. (TCO H) Alex Smith purchased 30 shares of XYZ stock on April
30, 2010 for $210, and on September 1, 2010, he purchased 90
additional shares for $900. On November 8, 2010, he sold 48 shares,
which could not be specifically identified, for $528, and on December
15, 2010, he sold another 25 shares for $50. What is his recognized
gain or loss? (Points : 17)
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ACCT 553 Midterm Exam