ACCT 553 help A Guide to career/uophelp.com ACCT 553 help A Guide to career/uophelp.com | Page 3

(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)
---------------------------------------------------------------------------
ACCT 553 Midterm Exam