ACCT 553 Week 5 Quiz FOR MORE CLASSES VISIT www . acct553study . com
3 . Please describe the purpose of Sch3edules M-1 and M-3 . When is a Schedule M-3 required in lieu of a Schedule M-1 . ( 5 pts .)
Chapter 17
4 . Please define and differentiate a Spin-off , Split-off , and Split-up . ( 5 pts .)
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ACCT 553 Week 5 Quiz FOR MORE CLASSES VISIT www . acct553study . com
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 :