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ACCT 553 Week 5 Quiz
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1. (TCO E) For federal tax purposes, royalty income not derived in the
ordinary course of a business is classified as:
2. (TCO F) When comparing corporate and individual taxation, the
following statements are true, except:
3. (TCO H) Al and Amy file a joint return for the 2012 tax year. Their
adjusted gross income is $80,000. They had a net investment income of
$8,000. In 2012, they had the following interest expenses:
Personal credit card interest: $4,000
Home mortgage interest: $8,000
Investment interest (on loans used to buy stocks): $10,000
4. (TCO B) Charitable contribution deductions for capital gains property
made by individuals without a reduction for long-term capital gains to
public charities are limited to:
5. (TCO A) The following taxes were paid by Tim:
Real estate taxes on his home: $2,000
State income taxes: $900
State gasoline tax (personal use of automobile): $150
6. (TCO F) Hoover, Inc. had gross receipts from operations of $230,000,
operating and other expenses of $310,000, and dividends received from
a 45 percent-owned domestic corporation of $120,000. Hoover's tax
position for the year is: