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:
7.( TCO G) All of the outstanding stock of a closely held C corporation is owned equally by David Smith and Steve Bufusno. In 2012, the corporation generates taxable income of $ 30,000 from its active business activities. In addition, it earns $ 20,000 of interest from investments and incurs a $ 40,000 loss from a passive activity. How much income does the C corporation report for 2012?
8.( TCO G) Mike, who is single, has $ 100,000 of salary, $ 15,000 of income from a limited partnership, and a $ 30,000 passive loss from a real estate rental activity in which he actively participates. His modified adjusted gross income is $ 100,000. Of the $ 30,000 loss, how much is deductible?
9.( TCO F) Pam owns a sole proprietorship, and Kevin is the sole shareholder of a C( regular) corporation. Each business sustained a $ 16,000 operating loss and a $ 2,500 capital loss for the year. Evaluate how these losses will affect the taxable income of the two owners?